OP Asset Management Ltd Takes Position in The Progressive Corporation $PGR

OP Asset Management Ltd acquired a new position in shares of The Progressive Corporation (NYSE:PGR) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 79,105 shares of the insurance provider’s stock, valued at approximately $15,682,000.

Several other hedge funds have also modified their holdings of PGR. Brighton Jones LLC lifted its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in Progressive in the fourth quarter worth $269,000. Bison Wealth LLC increased its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC increased its position in shares of Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its stake in Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This trade represents a 12.53% 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. Insiders sold 8,230 shares of company stock valued at $1,651,507 over the last three months. 0.32% of the stock is currently owned by corporate insiders.

Progressive Price Performance

NYSE:PGR opened at $220.66 on Thursday. The firm’s fifty day moving average is $201.02 and its two-hundred day moving average is $206.81. The firm has a market cap of $128.94 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 6.61 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $267.92.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $4.37 EPS. Research analysts expect that The Progressive Corporation will post 16.91 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PGR shares. Wells Fargo & Company decreased their price target on Progressive from $222.00 to $219.00 and set an “equal weight” rating for the company in a research note on Thursday, June 18th. Piper Sandler restated an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research report on Friday, May 22nd. Evercore reiterated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Finally, UBS Group upped their price target on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus target price of $237.58.

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.