SevenBridge Financial Group LLC Purchases 2,969 Shares of The Progressive Corporation $PGR

SevenBridge Financial Group LLC lifted its position in The Progressive Corporation (NYSE:PGR) by 33.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,749 shares of the insurance provider’s stock after purchasing an additional 2,969 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Progressive were worth $2,901,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of PGR. LFL Advisers LLC grew its position in Progressive by 2.7% during the third quarter. LFL Advisers LLC now owns 121,251 shares of the insurance provider’s stock valued at $29,943,000 after acquiring an additional 3,160 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Progressive by 99.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 196,883 shares of the insurance provider’s stock valued at $48,620,000 after purchasing an additional 98,053 shares in the last quarter. Kepler Cheuvreux Suisse SA bought a new position in shares of Progressive during the 3rd quarter valued at $2,537,000. Financial Life Planners purchased a new position in Progressive in the 3rd quarter worth $50,000. Finally, Quadrant Capital Group LLC lifted its stake in Progressive by 2.7% in the third quarter. Quadrant Capital Group LLC now owns 14,096 shares of the insurance provider’s stock worth $3,481,000 after purchasing an additional 366 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 2.8%

NYSE:PGR opened at $201.19 on Thursday. The company has a 50-day moving average price of $207.56 and a 200-day moving average price of $223.03. The stock has a market cap of $117.88 billion, a price-to-earnings ratio of 10.46, a P/E/G ratio of 9.00 and a beta of 0.33. 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 Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.08%.

Wall Street Analysts Forecast Growth

PGR has been the topic of several analyst reports. Evercore set a $230.00 price objective on Progressive in a report on Thursday, February 19th. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Citigroup lowered their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. HSBC cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Finally, Keefe, Bruyette & Woods upped their price target on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research report on Thursday, February 19th. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $241.94.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 141 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $29,892.00. Following the completion of the transaction, the chief accounting officer owned 828 shares in the company, valued at $175,536. This trade represents a 14.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 12,761 shares of company stock worth $2,659,420. Insiders own 0.34% of the company’s stock.

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.