Horizon Investments LLC Has $7.78 Million Holdings in The Progressive Corporation $PGR

Horizon Investments LLC lifted its position in The Progressive Corporation (NYSE:PGR) by 8.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 36,337 shares of the insurance provider’s stock after buying an additional 2,862 shares during the quarter. Horizon Investments LLC’s holdings in Progressive were worth $7,781,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Davis Capital Management bought a new stake in Progressive in the third quarter worth approximately $25,000. Dagco Inc. bought a new position in shares of Progressive during the 4th quarter valued at $28,000. Ameriflex Group Inc. lifted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Bangor Savings Bank lifted its stake in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the last quarter. Finally, Riverview Trust Co boosted its holdings in Progressive by 48.6% in the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $199.60 on Friday. The company’s fifty day moving average is $203.18 and its two-hundred day moving average is $212.21. The Progressive Corporation has a 52-week low of $192.02 and a 52-week high of $289.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.33 and a quick ratio of 0.35. The firm has a market capitalization of $116.76 billion, a price-to-earnings ratio of 10.15, a P/E/G ratio of 6.58 and a beta of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the prior year, the business earned $4.37 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts forecast that The Progressive Corporation will post 16.38 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Insider Transactions at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,933 shares of company stock worth $1,441,564 over the last quarter. 0.32% of the stock is owned by company insiders.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Argus raised shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Evercore reaffirmed a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Piper Sandler reiterated an “overweight” rating and set a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. UBS Group increased their price objective on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Finally, Mizuho reduced their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $238.39.

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.