Marshfield Associates Has $389.55 Million Holdings in The Progressive Corporation $PGR

Marshfield Associates boosted its holdings in The Progressive Corporation (NYSE:PGR) by 70.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,577,453 shares of the insurance provider’s stock after buying an additional 653,763 shares during the period. Progressive accounts for approximately 6.7% of Marshfield Associates’ holdings, making the stock its 6th biggest position. Marshfield Associates’ holdings in Progressive were worth $389,552,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the 4th quarter valued at approximately $269,000. Bison Wealth LLC lifted its position in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. Creative Planning grew its stake in shares of Progressive by 0.9% in the 2nd quarter. Creative Planning now owns 88,878 shares of the insurance provider’s stock worth $23,718,000 after buying an additional 763 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Progressive by 27.7% in the 2nd quarter. Cetera Investment Advisers now owns 97,414 shares of the insurance provider’s stock worth $25,996,000 after buying an additional 21,131 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PGR. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Argus raised Progressive to a “hold” rating in a research note on Thursday, March 5th. Bank of America decreased their price objective on Progressive from $315.00 to $308.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Barclays raised Progressive from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $257.00 to $265.00 in a research note on Thursday, January 8th. Finally, Evercore set a $230.00 target price on Progressive in a research report on Thursday, February 19th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Progressive currently has an average rating of “Hold” and an average target price of $241.94.

Progressive Trading Down 0.3%

NYSE PGR opened at $204.60 on Tuesday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The stock has a market cap of $119.88 billion, a PE ratio of 10.63, a PEG ratio of 8.94 and a beta of 0.33. The company’s 50-day moving average price is $206.80 and its 200-day moving average price is $222.02. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.08%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive directly owned 26,249 shares in the company, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 12,761 shares of company stock worth $2,659,420 over the last quarter. Corporate insiders own 0.33% 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.