The Progressive Corporation $PGR Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. boosted its position in The Progressive Corporation (NYSE:PGR) by 19.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 629,095 shares of the insurance provider’s stock after purchasing an additional 104,563 shares during the period. Federated Hermes Inc. owned about 0.11% of Progressive worth $155,355,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Davis Capital Management purchased a new position in Progressive in the third quarter worth $25,000. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive during the 2nd quarter worth $33,000. Howard Hughes Medical Institute purchased a new position in shares of Progressive in the 2nd quarter valued at about $34,000. Westside Investment Management Inc. increased its holdings 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 purchasing an additional 117 shares in the last quarter. Finally, Richardson Financial Services Inc. lifted its stake in shares of Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 132 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $208.27 on Wednesday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19. The stock has a market cap of $122.13 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 1.27 and a beta of 0.34. The Progressive Corporation has a fifty-two week low of $198.50 and a fifty-two week high of $292.99. The business has a fifty day moving average of $220.53 and a 200-day moving average of $231.47.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PGR shares. Jefferies Financial Group restated a “hold” rating on shares of Progressive in a research report on Wednesday, December 17th. BMO Capital Markets decreased their price target on Progressive from $253.00 to $239.00 and set a “market perform” rating on the stock in a research note on Thursday, January 15th. Zacks Research downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. JPMorgan Chase & Co. decreased their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Finally, Bank of America lowered their target price on Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a report on Tuesday, December 9th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $259.39.

Insider Activity

In related news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the sale, the executive directly owned 26,249 shares of the company’s stock, valued at $5,363,983.15. The trade was a 10.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 13,788 shares of company stock valued at $3,018,961. 0.33% of the stock is owned by corporate insiders.

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.