Y Intercept Hong Kong Ltd Invests $14.79 Million in The Progressive Corporation $PGR

Y Intercept Hong Kong Ltd bought a new stake in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 67,696 shares of the insurance provider’s stock, valued at approximately $14,788,000.

Other large investors have also recently added to or reduced their stakes in the company. Bogart Wealth LLC lifted its position in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares in the last quarter. Bard Associates Inc. bought a new position in Progressive during the 4th quarter valued at $27,000. HHM Wealth Advisors LLC grew its stake in Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive in the 4th quarter worth approximately $29,000. Finally, Axiom Investment Management LLC acquired a new position in Progressive in the first quarter worth $31,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of research reports. Weiss Ratings restated a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. HSBC raised their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research report on Friday, May 22nd. Mizuho set a $236.00 price objective on Progressive in a research note on Wednesday, August 5th. Finally, Evercore set a $240.00 target price on Progressive in a research report on Friday, July 10th. Five 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $235.00.

Insider Transactions at Progressive

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. The trade was a 7.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider owned 41,291 shares of the company’s stock, valued at $8,782,595.70. This trade represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock worth $15,880,459 over the last quarter. Insiders own 0.32% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $207.04 on Thursday. The firm’s 50 day moving average is $213.99 and its two-hundred day moving average is $206.43. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The firm has a market capitalization of $120.37 billion, a P/E ratio of 10.38, a PEG ratio of 2.86 and a beta of 0.27. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio is 2.01%.

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.