3,894 Shares of The Progressive Corporation $PGR Bought by Sage Rhino Capital LLC

Sage Rhino Capital LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 3,894 shares of the insurance provider’s stock, valued at approximately $807,000.

Several other hedge funds have also modified their holdings of PGR. Bogart Wealth LLC grew its holdings in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares during the period. IMG Wealth Management Inc. acquired a new position in Progressive during the second quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new position in Progressive during the second quarter worth approximately $26,000. Kilter Group LLC purchased a new position in Progressive during the second quarter worth approximately $27,000. Finally, Latitude Advisors LLC purchased a new position in Progressive during the third quarter worth approximately $27,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other news, CEO Susan Griffith sold 37,338 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the sale, the chief executive officer owned 485,438 shares of the company’s stock, valued at $106,553,641. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 48,352 shares of company stock valued at $10,524,258 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $190.00 to $210.00 in a report on Friday, July 24th. Mizuho dropped their price objective on Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, September 16th. Roth Capital reaffirmed a “buy” rating and issued a $245.00 target price (up from $235.00) on shares of Progressive in a research report on Thursday, August 20th. Cantor Fitzgerald cut their target price on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, August 17th. Finally, TD Cowen reduced their target price on Progressive from $266.00 to $222.00 and set a “hold” rating on the stock in a report on Wednesday, July 29th. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $234.45.

Progressive Stock Up 2.0%

Shares of NYSE:PGR opened at $230.22 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $239.38. The stock has a market capitalization of $133.84 billion, a P/E ratio of 11.59, a PEG ratio of 2.61 and a beta of 0.25. The stock has a 50-day simple moving average of $217.43 and a 200-day simple moving average of $209.21.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s payout ratio is 2.01%.

About Progressive

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.