Convergence Financial LLC Invests $684,000 in The Progressive Corporation $PGR

Convergence Financial LLC bought a new position in The Progressive Corporation (NYSE:PGR) in the 4th quarter, Holdings Channel.com reports. The fund bought 3,005 shares of the insurance provider’s stock, valued at approximately $684,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Klingman & Associates LLC increased its position in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares during the last quarter. Wealthstream Advisors Inc. increased its position in shares of Progressive by 4.6% in the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock worth $274,000 after purchasing an additional 49 shares during the last quarter. Revisor Wealth Management LLC boosted its holdings in shares of Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after buying an additional 50 shares during the period. Cullen Investment Group LTD. boosted its holdings in shares of Progressive by 0.7% in the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after buying an additional 52 shares during the period. Finally, Pines Wealth Management LLC boosted its holdings in shares of Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after buying an additional 52 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. Morgan Stanley decreased their price target on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Roth Mkm set a $235.00 price target on shares of Progressive in a report on Thursday, February 19th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. BMO Capital Markets reaffirmed a “market perform” rating and issued a $220.00 price target on shares of Progressive in a report on Wednesday, May 20th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $238.11.

Progressive Trading Up 1.1%

Progressive stock opened at $195.60 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average price of $198.86 and a two-hundred day moving average price of $208.90. The firm has a market capitalization of $114.29 billion, a price-to-earnings ratio of 9.94, a PEG ratio of 5.61 and a beta of 0.28. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $283.95.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (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 firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period in the previous year, the business posted $4.37 EPS. Progressive’s revenue was up 6.5% on a year-over-year basis. Sell-side analysts expect that The Progressive Corporation will post 16.33 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Insider Buying and Selling

In related news, CAO Carl G. Joyce sold 270 shares of the firm’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 value of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. This trade represents a 32.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Progressive 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.