Rhumbline Advisers Sells 9,996 Shares of The Progressive Corporation $PGR

Rhumbline Advisers lessened its stake in The Progressive Corporation (NYSE:PGR) by 1.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,039,782 shares of the insurance provider’s stock after selling 9,996 shares during the period. Rhumbline Advisers owned 0.18% of Progressive worth $256,774,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new position in Progressive in the third quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new stake in Progressive in the second quarter valued at about $33,000. Westside Investment Management Inc. lifted its stake in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the period. Howard Hughes Medical Institute bought a new position in Progressive during the second quarter worth about $34,000. Finally, TruNorth Capital Management LLC grew its position in shares of Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after buying an additional 135 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of PGR stock opened at $202.57 on Wednesday. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The company’s fifty day simple moving average is $216.15 and its 200-day simple moving average is $228.55. The firm has a market cap of $118.79 billion, a PE ratio of 10.53, a P/E/G ratio of 1.24 and a beta of 0.32. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.08%.

Insider Activity

In related news, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction 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 directly owned 223,024 shares in the company, valued at approximately $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was 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 $5,363,983.15. This represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,443 shares of company stock valued at $2,723,061 over the last three months. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the topic of a number of analyst reports. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Jefferies Financial Group restated a “hold” rating on shares of Progressive in a research report on Wednesday, December 17th. Morgan Stanley reduced their target price on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a report on Wednesday, January 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Finally, Raymond James Financial lowered their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $251.29.

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.