Fairtree Asset Management Pty Ltd Purchases 4,678 Shares of The Progressive Corporation $PGR

Fairtree Asset Management Pty Ltd raised its position in The Progressive Corporation (NYSE:PGR) by 123.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,454 shares of the insurance provider’s stock after buying an additional 4,678 shares during the quarter. Progressive accounts for 1.4% of Fairtree Asset Management Pty Ltd’s holdings, making the stock its 21st biggest holding. Fairtree Asset Management Pty Ltd’s holdings in Progressive were worth $2,088,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new position in shares of Progressive in the third quarter valued at about $25,000. Atlantic Union Bankshares Corp bought a new stake in Progressive in the 2nd quarter valued at about $33,000. Westside Investment Management Inc. increased its holdings in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. Howard Hughes Medical Institute bought a new position in shares of Progressive during the second quarter worth approximately $34,000. Finally, TruNorth Capital Management LLC raised its position in shares of Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on PGR shares. JPMorgan Chase & Co. lowered their price objective on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Keefe, Bruyette & Woods raised their price target on Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday, February 19th. BMO Capital Markets dropped their price target on Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. Bank of America cut their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research report on Tuesday, December 9th. Finally, Mizuho set a $240.00 target price on shares of Progressive in a report on Wednesday, January 14th. Six investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $244.71.

Progressive Stock Up 0.7%

Shares of NYSE PGR opened at $213.11 on Monday. The company has a market cap of $124.97 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 9.34 and a beta of 0.32. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The stock has a 50-day moving average price of $210.55 and a two-hundred day moving average price of $225.11.

Progressive Announces Dividend

The business also recently announced 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 yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Insider Activity at Progressive

In related news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of the company’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 9,103 shares of company stock worth $1,883,924. Corporate insiders own 0.34% of the company’s stock.

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.