Quantbot Technologies LP Increases Position in The Progressive Corporation $PGR

Quantbot Technologies LP boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 111.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,893 shares of the insurance provider’s stock after buying an additional 37,856 shares during the quarter. Progressive makes up approximately 0.5% of Quantbot Technologies LP’s portfolio, making the stock its 15th largest holding. Quantbot Technologies LP’s holdings in Progressive were worth $17,754,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PGR. Davis Capital Management bought a new stake in shares of Progressive in the third quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new stake in Progressive during the second quarter valued at $33,000. Westside Investment Management Inc. grew its holdings in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in Progressive in the 2nd quarter worth approximately $34,000. Finally, TruNorth Capital Management LLC increased its stake in Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 135 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on PGR shares. Morgan Stanley decreased their price target on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 28th. JPMorgan Chase & Co. cut their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. BMO Capital Markets reduced their price target on Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a report on Thursday, January 29th. Citigroup dropped their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Finally, Keefe, Bruyette & Woods boosted their target price on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research note on Thursday, February 19th. Six investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $244.71.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the transaction, the insider owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at $5,330,062.50. This trade represents a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,103 shares of company stock worth $1,883,924 in the last ninety days. 0.34% of the stock is owned by company insiders.

Progressive Stock Performance

Shares of PGR stock opened at $213.11 on Friday. The company’s fifty day moving average price is $210.55 and its 200-day moving average price is $225.40. The stock has a market cap of $124.97 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 9.25 and a beta of 0.32. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 2.08%.

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.