Fairtree Asset Management Pty Ltd Has $2.09 Million Stock Holdings in The Progressive Corporation $PGR

Fairtree Asset Management Pty Ltd raised its holdings in The Progressive Corporation (NYSE:PGR) by 123.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 8,454 shares of the insurance provider’s stock after acquiring an additional 4,678 shares during the quarter. Progressive makes up about 1.4% of Fairtree Asset Management Pty Ltd’s portfolio, making the stock its 21st largest holding. Fairtree Asset Management Pty Ltd’s holdings in Progressive were worth $2,088,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Davis Capital Management bought a new stake in shares of Progressive in the third quarter worth $25,000. Atlantic Union Bankshares Corp acquired a new position in Progressive during the 2nd quarter worth about $33,000. Howard Hughes Medical Institute acquired a new position in Progressive during the 2nd quarter worth about $34,000. Westside Investment Management Inc. grew its position in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the last quarter. Finally, TruNorth Capital Management LLC increased its stake in shares of 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 buying an additional 135 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Morgan Stanley lowered their price target on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a report on Wednesday, January 28th. UBS Group dropped their target price on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. Wells Fargo & Company cut their price target on shares of Progressive from $220.00 to $214.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 19th. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Evercore set a $230.00 price objective on Progressive in a research note on Thursday, February 19th. Six analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $244.71.

Insider Transactions at Progressive

In other news, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the transaction, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,103 shares of company stock worth $1,883,924 in the last three months. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $213.11 on Monday. The firm has a market capitalization of $124.97 billion, a P/E ratio of 11.08, a P/E/G ratio of 9.34 and a beta of 0.32. The firm’s 50-day moving average price is $210.55 and its 200-day moving average price is $225.11. 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 1-year low of $197.92 and a 1-year high of $292.99.

Progressive Announces Dividend

The company also recently declared 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. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio is 2.08%.

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.