Renaissance Technologies LLC Has $110.97 Million Stock Position in The Progressive Corporation $PGR

Renaissance Technologies LLC lifted its position in The Progressive Corporation (NYSE:PGR) by 111.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 559,782 shares of the insurance provider’s stock after acquiring an additional 295,482 shares during the period. Renaissance Technologies LLC owned about 0.10% of Progressive worth $110,971,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Klingman & Associates LLC grew its position in Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares in the last quarter. Revisor Wealth Management LLC lifted its holdings in shares of Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 50 shares in the last quarter. Pines Wealth Management LLC lifted its holdings in shares of Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after buying an additional 52 shares during the period. Finally, Phillips Wealth Planners LLC boosted its position in shares of Progressive by 2.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after buying an additional 52 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the transaction, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 15,230 shares of company stock valued at $3,165,817 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PGR. JPMorgan Chase & Co. reissued a “neutral” rating and set a $250.00 price target on shares of Progressive in a research report on Tuesday, July 14th. UBS Group raised their price objective on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Bank of America lowered their target price on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Keefe, Bruyette & Woods lowered their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Finally, BMO Capital Markets dropped their target price on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and an average target price of $236.11.

Progressive Price Performance

Shares of NYSE:PGR opened at $213.85 on Friday. The firm has a market cap of $124.96 billion, a price-to-earnings ratio of 10.72, a P/E/G ratio of 2.88 and a beta of 0.26. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The business has a fifty day simple moving average of $209.88 and a 200 day simple moving average of $205.92.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.01%.

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.