Bessemer Group Inc. Raises Stake in The Progressive Corporation $PGR

Bessemer Group Inc. boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 19.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,683 shares of the insurance provider’s stock after buying an additional 4,492 shares during the quarter. Bessemer Group Inc.’s holdings in Progressive were worth $5,489,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in PGR. Bard Associates Inc. purchased a new stake in shares of Progressive during the 4th quarter worth approximately $27,000. Dagco Inc. bought a new stake in shares of Progressive in the 4th quarter worth approximately $28,000. Bogart Wealth LLC lifted its stake in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new position in Progressive during the fourth quarter valued at $29,000. Finally, HHM Wealth Advisors LLC grew its holdings in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $212.09 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The firm has a market cap of $123.93 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 4.86 and a beta of 0.26. The business’s fifty day moving average is $209.08 and its 200 day moving average is $206.22.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the sale, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 15,230 shares of company stock worth $3,165,817 over the last three months. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. HSBC boosted their target price on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Royal Bank Of Canada set a $208.00 price target on Progressive in a research note on Friday, May 22nd. Bank of America decreased their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Jefferies Financial Group dropped their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Finally, William Blair reiterated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $235.05.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.