Robinson Value Management Ltd. Purchases New Holdings in The Progressive Corporation $PGR

Robinson Value Management Ltd. purchased a new stake in The Progressive Corporation (NYSE:PGR) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 13,653 shares of the insurance provider’s stock, valued at approximately $2,830,000. Progressive accounts for approximately 1.6% of Robinson Value Management Ltd.’s holdings, making the stock its 23rd largest holding.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Progressive in the 2nd quarter valued at $10,496,271,000. State Street Corp grew its holdings in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock worth $5,794,814,000 after purchasing an additional 656,249 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Progressive during the 2nd quarter worth $2,682,342,000. GQG Partners LLC acquired a new stake in shares of Progressive during the 2nd quarter worth $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Progressive by 6.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock worth $1,482,010,000 after purchasing an additional 410,326 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Evercore set a $240.00 price target on Progressive in a research note on Friday, July 10th. Wells Fargo & Company cut their price objective on shares of Progressive from $201.00 to $196.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. Piper Sandler increased their price objective on shares of Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, August 20th. The Goldman Sachs Group increased their price objective on shares of Progressive from $233.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 1st. Finally, William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $234.45.

Progressive Stock Performance

Progressive stock opened at $221.87 on Wednesday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The business’s 50-day moving average price is $215.08 and its two-hundred day moving average price is $209.84. The stock has a market cap of $128.99 billion, a PE ratio of 11.17, a P/E/G ratio of 2.63 and a beta of 0.25.

Progressive Announces Dividend

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

Insider Buying and Selling

In related news, insider Lori Niederst sold 7,339 shares of Progressive stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider directly owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. The trade was a 14.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of Progressive stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $204.29, for a total transaction of $250,255.25. Following the sale, the insider directly owned 30,032 shares in the company, valued at $6,135,237.28. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 106,782 shares of company stock worth $22,965,332 in the last quarter. Corporate insiders own 0.32% of the company’s stock.

Progressive Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.