Xponance Inc. Acquires 8,313 Shares of The Progressive Corporation $PGR

Xponance Inc. lifted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 7.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 119,588 shares of the insurance provider’s stock after buying an additional 8,313 shares during the period. Xponance Inc.’s holdings in Progressive were worth $29,532,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PGR. Davis Capital Management acquired a new position in shares of Progressive during the 3rd quarter worth approximately $25,000. Atlantic Union Bankshares Corp acquired a new position in Progressive during the second quarter worth $33,000. Westside Investment Management Inc. lifted its stake in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares during the last quarter. Howard Hughes Medical Institute acquired a new position in shares of Progressive during the 2nd quarter worth about $34,000. Finally, TruNorth Capital Management LLC raised its holdings in shares of Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Jefferies Financial Group set a $216.00 price objective on shares of Progressive in a report on Wednesday, February 11th. UBS Group dropped their price objective on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, Evercore set a $230.00 price target on shares of Progressive in a research note on Thursday, February 19th. Six equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $244.71.

Insider Buying and Selling

In related news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the sale, the executive directly owned 26,250 shares of the company’s stock, valued at $5,330,062.50. This represents a 7.95% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 9,103 shares of company stock valued at $1,883,924. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $211.60 on Friday. The Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99. The firm has a 50-day moving average price of $210.77 and a two-hundred day moving average price of $225.62. The company has a market capitalization of $124.08 billion, a P/E ratio of 11.00, a P/E/G ratio of 8.94 and a beta of 0.32. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is currently 2.08%.

About Progressive

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.