Arrowstreet Capital Limited Partnership Has $528.08 Million Position in The Progressive Corporation $PGR

Arrowstreet Capital Limited Partnership boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 20.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,663,827 shares of the insurance provider’s stock after acquiring an additional 457,085 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Progressive were worth $528,077,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Bogart Wealth LLC increased its position in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares during the last quarter. Bard Associates Inc. acquired a new stake in shares of Progressive in the fourth quarter worth about $27,000. HHM Wealth Advisors LLC boosted its stake in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 126 shares in the last quarter. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive during the 4th quarter worth about $29,000. Finally, Entrust Financial LLC acquired a new position in shares of Progressive during the 4th quarter valued at about $33,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Up 1.2%

Shares of PGR stock opened at $207.06 on Friday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The firm has a market cap of $120.99 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 2.75 and a beta of 0.26. The stock has a 50 day moving average of $209.60 and a 200-day moving average of $205.86. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.01%.

Insider Activity at Progressive

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This represents a 23.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the sale, the insider owned 27,511 shares in the company, valued at $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. 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 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PGR has been the subject of several analyst reports. William Blair restated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Bank of America reduced their price objective on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Wells Fargo & Company decreased their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. Finally, HSBC raised their target price on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.