Quantbot Technologies LP Purchases 37,856 Shares of The Progressive Corporation $PGR

Quantbot Technologies LP grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 111.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,893 shares of the insurance provider’s stock after purchasing an additional 37,856 shares during the quarter. Progressive comprises about 0.5% of Quantbot Technologies LP’s investment portfolio, making the stock its 15th biggest position. Quantbot Technologies LP’s holdings in Progressive were worth $17,754,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bell Investment Advisors Inc grew its position in shares of Progressive by 20.8% in the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 44 shares during the last quarter. Maia Wealth LLC raised its stake in shares of Progressive by 5.4% in the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after purchasing an additional 44 shares in the last quarter. Trail Ridge Investment Advisors LLC lifted its holdings in shares of Progressive by 1.6% during the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock worth $775,000 after acquiring an additional 45 shares during the period. Selective Wealth Management Inc. boosted its holdings in Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after purchasing an additional 45 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its position in Progressive by 0.9% in the second quarter. Parkside Financial Bank & Trust now owns 5,130 shares of the insurance provider’s stock valued at $1,369,000 after acquiring an additional 46 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the transaction, the executive owned 26,249 shares in the company, valued at $5,363,983.15. This trade represents a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,103 shares of company stock worth $1,883,924 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Roth Mkm set a $235.00 price objective on shares of Progressive in a research note on Thursday, February 19th. UBS Group lowered their price target on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating for the company in a research report on Monday. BMO Capital Markets cut their target price on Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a research note on Thursday, January 29th. Jefferies Financial Group set a $216.00 price target on shares of Progressive in a research report on Wednesday, February 11th. Finally, Mizuho set a $240.00 target price on Progressive in a research note 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 stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $244.71.

Progressive Trading Up 0.7%

PGR opened at $213.11 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $124.97 billion, a price-to-earnings ratio of 11.08, a P/E/G ratio of 9.25 and a beta of 0.32. The company has a 50-day simple moving average of $210.55 and a 200 day simple moving average of $225.40. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99.

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 paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s payout ratio is presently 2.08%.

About Progressive

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.