The Progressive Corporation $PGR is Berkley W R Corp’s 7th Largest Position

Berkley W R Corp boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 92.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 207,589 shares of the insurance provider’s stock after buying an additional 100,000 shares during the quarter. Progressive accounts for about 2.2% of Berkley W R Corp’s holdings, making the stock its 7th largest position. Berkley W R Corp’s holdings in Progressive were worth $41,152,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Klingman & Associates LLC grew its stake in shares of Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after acquiring an additional 48 shares during the period. Revisor Wealth Management LLC lifted its holdings in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 50 shares in the last quarter. Pines Wealth Management LLC boosted its position in shares of Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares during the period. Finally, Phillips Wealth Planners LLC increased its stake in shares of Progressive by 2.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after purchasing an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,157 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 15,230 shares of company stock valued at $3,165,817 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of analyst reports. Bank of America lowered their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Keefe, Bruyette & Woods decreased their price target on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. UBS Group upped their price objective on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $250.00 target price on shares of Progressive in a research report on Tuesday, July 14th. Finally, Royal Bank Of Canada set a $208.00 target price on Progressive in a research note on Friday, May 22nd. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $236.11.

Progressive Stock Up 0.0%

Shares of PGR opened at $213.85 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The stock has a market capitalization of $124.96 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 2.88 and a beta of 0.26. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The business’s 50 day simple moving average is $209.88 and its 200-day simple moving average is $205.87.

Progressive Announces Dividend

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

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.