Mariner LLC Buys 53,383 Shares of The Progressive Corporation $PGR

Mariner LLC boosted its stake in The Progressive Corporation (NYSE:PGR) by 8.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 698,019 shares of the insurance provider’s stock after purchasing an additional 53,383 shares during the quarter. Mariner LLC owned about 0.12% of Progressive worth $158,971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive during the 4th quarter valued at $269,000. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC lifted its holdings in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC grew its position in Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after acquiring an additional 1,622 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.1%

PGR opened at $202.86 on Monday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $269.84. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average price is $199.20 and its 200-day moving average price is $207.93. The company has a market cap of $118.54 billion, a P/E ratio of 10.31, a P/E/G ratio of 5.89 and a beta of 0.28.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.37 EPS. On average, equities analysts expect that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio is 2.03%.

Analysts Set New Price Targets

PGR has been the topic of a number of research reports. Piper Sandler restated an “overweight” rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Evercore reiterated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. The Goldman Sachs Group reiterated a “buy” rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating on shares of Progressive in a research report on Friday, May 22nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $238.11.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the transaction, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. The trade was a 3.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 7,343 shares of company stock worth $1,470,355. Insiders own 0.32% of the company’s stock.

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.