The Progressive Corporation $PGR is London Co. of Virginia’s 7th Largest Position

London Co. of Virginia lessened its position in The Progressive Corporation (NYSE:PGR) by 1.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,748,776 shares of the insurance provider’s stock after selling 29,730 shares during the period. Progressive comprises 2.4% of London Co. of Virginia’s portfolio, making the stock its 7th largest holding. London Co. of Virginia owned approximately 0.30% of Progressive worth $431,866,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PGR. Brighton Jones LLC lifted its stake in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter valued at $269,000. Bison Wealth LLC increased its stake in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. Creative Planning increased its stake in Progressive by 0.9% in the second quarter. Creative Planning now owns 88,878 shares of the insurance provider’s stock valued at $23,718,000 after purchasing an additional 763 shares during the last quarter. Finally, Cetera Investment Advisers lifted its position in Progressive by 27.7% during the second quarter. Cetera Investment Advisers now owns 97,414 shares of the insurance provider’s stock worth $25,996,000 after buying an additional 21,131 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive owned 26,249 shares in the company, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,344 shares of the stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares of the company’s stock, 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 sold a total of 12,761 shares of company stock valued at $2,659,420 over the last quarter. 0.33% of the stock is owned by insiders.

Progressive Stock Performance

Progressive stock opened at $204.60 on Tuesday. The company has a market cap of $119.88 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 8.94 and a beta of 0.33. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The stock’s 50-day moving average is $206.80 and its 200-day moving average is $222.02.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Analyst Ratings Changes

PGR has been the topic of a number of research analyst reports. UBS Group decreased their price target on Progressive from $226.00 to $218.00 and set a “neutral” rating on the stock in a research note on Monday, February 23rd. Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Piper Sandler reissued an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. BMO Capital Markets lowered their target price on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a report on Wednesday, March 11th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $241.94.

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.