Yousif Capital Management LLC Has $14.88 Million Position in The Progressive Corporation $PGR

Yousif Capital Management LLC reduced its holdings in shares of The Progressive Corporation (NYSE:PGR) by 6.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,328 shares of the insurance provider’s stock after selling 4,647 shares during the period. Yousif Capital Management LLC’s holdings in Progressive were worth $14,876,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Illinois Municipal Retirement Fund grew its position in shares of Progressive by 30.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after buying an additional 23,833 shares during the period. Allstate Corp grew its position in shares of Progressive by 1,614.1% during the 3rd quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after buying an additional 20,338 shares during the period. Gateway Investment Advisers LLC grew its position in shares of Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after buying an additional 5,600 shares during the period. Mather Group LLC. grew its position in shares of Progressive by 40.6% during the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after buying an additional 4,865 shares during the period. Finally, Arkadios Wealth Advisors grew its position in shares of Progressive by 471.3% during the 3rd quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock worth $5,556,000 after buying an additional 18,558 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Progressive news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider directly owned 32,348 shares in the company, valued at $6,857,776. This represents a 9.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 11,687 shares of company stock worth $2,413,044. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Argus raised shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Roth Mkm set a $235.00 target price on Progressive in a research note on Thursday, February 19th. JPMorgan Chase & Co. reduced their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Piper Sandler restated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Finally, Evercore restated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average target price of $237.44.

Progressive Stock Performance

NYSE PGR opened at $196.53 on Wednesday. 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 $204.48 and a 200 day simple moving average of $216.91. The company has a market cap of $114.96 billion, a P/E ratio of 10.21, a PEG ratio of 5.65 and a beta of 0.34. The Progressive Corporation has a 12-month low of $192.02 and a 12-month high of $289.96.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be issued 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 is Thursday, April 2nd. Progressive’s payout ratio is currently 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.