RIHO Partners LLC Raises Holdings in The Progressive Corporation $PGR

RIHO Partners LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 5.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,026 shares of the insurance provider’s stock after acquiring an additional 6,926 shares during the period. Progressive makes up about 16.1% of RIHO Partners LLC’s investment portfolio, making the stock its 2nd largest holding. RIHO Partners LLC’s holdings in Progressive were worth $25,578,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC raised its stake in 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 purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the 4th quarter valued at about $269,000. Bison Wealth LLC increased its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares during the period. HUB Investment Partners LLC lifted its stake in shares of Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares during the period. Finally, Diversify Wealth Management LLC grew its position in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PGR. BMO Capital Markets lowered their target price on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. UBS Group raised their price target on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research report on Tuesday, June 30th. HSBC lifted their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. William Blair restated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods cut their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $236.11.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,157 shares of the 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 transaction, the insider directly owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction dated 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 completion of the sale, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 15,230 shares of company stock valued at $3,165,817. Company insiders own 0.32% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $213.85 on Monday. The company’s 50 day moving average price is $209.88 and its two-hundred day moving average price is $205.87. The stock has a market cap of $124.96 billion, a P/E ratio of 10.72, a P/E/G ratio of 2.88 and a beta of 0.26. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. 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. Shareholders of record on Thursday, July 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s payout ratio is presently 2.01%.

Progressive 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.