Tema ETFs LLC Raises Stake in The Progressive Corporation $PGR

Tema ETFs LLC increased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 33.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,192 shares of the insurance provider’s stock after acquiring an additional 3,063 shares during the period. Tema ETFs LLC’s holdings in Progressive were worth $2,663,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Norges Bank bought a new stake in shares of Progressive in the 4th quarter worth approximately $1,836,094,000. Wellington Management Group LLP increased its position in Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after buying an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. raised its stake in Progressive by 19,724.0% during the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after buying an additional 4,048,351 shares during the last quarter. Life Cycle Investment Partners Ltd purchased a new position in Progressive during the fourth quarter valued at $353,906,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Progressive by 193.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock worth $502,519,000 after acquiring an additional 1,454,111 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 2.5%

Progressive stock opened at $207.04 on Thursday. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The business’s fifty day moving average is $213.99 and its 200 day moving average is $206.43. The stock has a market capitalization of $120.37 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 2.86 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 37,338 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer directly owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider directly owned 41,291 shares of the company’s stock, valued at $8,782,595.70. The trade was a 16.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 74,885 shares of company stock worth $15,880,459. 0.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. UBS Group upped their price target on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research report on Friday, May 22nd. Bank of America reduced their price objective on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Finally, William Blair reaffirmed a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus price target of $235.00.

Progressive 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.