Meadowbrook Advisors Group LLC Acquires New Stake in The Progressive Corporation $PGR

Meadowbrook Advisors Group LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 10,552 shares of the insurance provider’s stock, valued at approximately $2,403,000. Progressive comprises approximately 1.3% of Meadowbrook Advisors Group LLC’s investment portfolio, making the stock its 19th largest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Progressive in the 4th quarter valued at about $1,836,094,000. Capital International Investors raised its position in shares of Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after acquiring an additional 6,045,732 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Progressive by 181.8% during the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after acquiring an additional 4,197,212 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after acquiring an additional 2,314,864 shares during the period. Finally, Life Cycle Investment Partners Ltd acquired a new position in shares of Progressive in the fourth quarter worth approximately $353,906,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 5,916 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 $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the transaction, the insider owned 28,668 shares in the company, valued at $5,733,600. This represents a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PGR has been the subject of a number of recent analyst reports. The Goldman Sachs Group reissued a “buy” rating and set a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $208.00 to $210.00 and gave the company a “market perform” rating in a research note on Thursday. Jefferies Financial Group decreased their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Finally, Bank of America lowered their target price on shares of Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $237.58.

Trending Headlines about Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Progressive Trading Down 0.2%

NYSE PGR opened at $204.42 on Friday. The stock has a market capitalization of $119.45 billion, a P/E ratio of 10.39, a P/E/G ratio of 5.88 and a beta of 0.28. The business has a 50 day simple moving average of $200.01 and a 200 day simple moving average of $207.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $267.92.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.37 earnings per share. Research analysts expect that The Progressive Corporation will post 16.52 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given 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 is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

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.