SevenBridge Financial Group LLC Has $2.79 Million Stock Position in The Progressive Corporation $PGR

SevenBridge Financial Group LLC boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 33.4% in the 1st quarter, HoldingsChannel reports. The firm owned 13,757 shares of the insurance provider’s stock after buying an additional 3,446 shares during the period. SevenBridge Financial Group LLC’s holdings in Progressive were worth $2,789,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bard Associates Inc. bought a new position in shares of Progressive in the fourth quarter valued at approximately $27,000. Dagco Inc. acquired a new position in shares of Progressive in the 4th quarter worth approximately $28,000. Ameriflex Group Inc. grew its position in Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new stake in Progressive during the 4th quarter worth approximately $29,000. Finally, HHM Wealth Advisors LLC increased its holdings in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,157 shares of the firm’s 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 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The stock was 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 approximately $8,258,000. This represents a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 15,230 shares of company stock worth $3,165,817 over the last three months. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on PGR shares. UBS Group lifted their price objective on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research report on Monday, March 23rd. Evercore restated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Piper Sandler restated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Keefe, Bruyette & Woods lifted their price target on Progressive from $208.00 to $210.00 and gave the company a “market perform” rating in a report on Thursday, June 18th. Finally, Barclays set a $247.00 price target on shares of Progressive in a research report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $236.84.

Progressive Stock Performance

PGR stock opened at $219.13 on Tuesday. The company has a 50 day moving average price of $202.17 and a 200 day moving average price of $206.72. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $267.92. 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 stock has a market capitalization of $128.05 billion, a PE ratio of 11.14, a price-to-earnings-growth ratio of 6.81 and a beta of 0.28.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the company earned $4.37 EPS. Analysts forecast that The Progressive Corporation will post 17.08 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

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.