The Progressive Corporation $PGR Shares Bought by Mirabella Financial Services LLP

Mirabella Financial Services LLP raised its position in The Progressive Corporation (NYSE:PGR) by 176.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,300 shares of the insurance provider’s stock after purchasing an additional 13,609 shares during the quarter. Mirabella Financial Services LLP’s holdings in Progressive were worth $5,250,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Progressive during the 2nd quarter worth approximately $2,156,939,000. Capital International Investors lifted its position in Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after buying an additional 6,045,732 shares in the last quarter. Alliancebernstein L.P. grew its stake in Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after buying an additional 2,709,417 shares during the period. Capital Research Global Investors grew its stake in Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after buying an additional 2,314,864 shares during the period. Finally, CIBC Private Wealth Group LLC increased its position in shares of Progressive by 2,012.0% in the third quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock worth $189,546,000 after acquiring an additional 731,207 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PGR shares. Argus upgraded shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Roth Mkm set a $235.00 price target on Progressive in a report on Thursday, February 19th. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Citigroup decreased their target price on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Finally, Wells Fargo & Company lowered their target price on Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a research note on Thursday, February 19th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $240.94.

Progressive Price Performance

PGR opened at $201.37 on Thursday. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $289.96. The firm has a market cap of $117.99 billion, a price-to-earnings ratio of 10.47, a PEG ratio of 8.88 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The company has a fifty day simple moving average of $206.46 and a 200 day simple moving average of $221.58.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In related news, CAO Carl G. Joyce sold 141 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $29,892.00. Following the completion of the transaction, the chief accounting officer owned 828 shares of the company’s stock, valued at approximately $175,536. This represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 12,761 shares of company stock valued at $2,659,420. Company insiders own 0.34% of the company’s stock.

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.