Stevens Capital Management LP Has $5.31 Million Stock Holdings in The Progressive Corporation $PGR

Stevens Capital Management LP lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 16.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,502 shares of the insurance provider’s stock after selling 4,300 shares during the period. Stevens Capital Management LP’s holdings in Progressive were worth $5,310,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in PGR. Davis Capital Management bought a new stake in shares of Progressive in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive during the second quarter worth approximately $33,000. Westside Investment Management Inc. lifted 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 worth $34,000 after purchasing an additional 117 shares in the last quarter. Howard Hughes Medical Institute acquired a new stake in Progressive in the 2nd quarter valued at $34,000. Finally, TruNorth Capital Management LLC grew its position in Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 135 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This represents a 2.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $634,506.75. Following the transaction, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 11,098 shares of company stock worth $2,416,011 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Mizuho set a $240.00 price target on shares of Progressive in a report on Wednesday, January 14th. BMO Capital Markets dropped their target price on Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a research report on Thursday, January 29th. Citigroup lowered their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Finally, UBS Group set a $226.00 price objective on Progressive in a research note on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $245.29.

Progressive Price Performance

PGR opened at $204.07 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The stock’s 50 day simple moving average is $212.67 and its 200 day simple moving average is $226.71. The firm has a market cap of $119.67 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 8.82 and a beta of 0.32.

Progressive Dividend Announcement

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

Progressive Company 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.