Tailwinds Wealth LLC Raises Holdings in The Progressive Corporation $PGR

Tailwinds Wealth LLC increased its holdings in The Progressive Corporation (NYSE:PGR) by 196.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,245 shares of the insurance provider’s stock after buying an additional 4,137 shares during the period. Progressive comprises approximately 0.8% of Tailwinds Wealth LLC’s investment portfolio, making the stock its 23rd biggest holding. Tailwinds Wealth LLC’s holdings in Progressive were worth $1,364,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Progressive in the 4th quarter valued at $1,836,094,000. Wellington Management Group LLP lifted its stake in shares of Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after purchasing an additional 4,197,212 shares during the last quarter. Diamant Asset Management Inc. boosted its position in Progressive by 19,724.0% during the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after purchasing an additional 4,048,351 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new stake in Progressive during the fourth quarter valued at about $353,906,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Progressive by 193.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock valued at $502,519,000 after purchasing an additional 1,454,111 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PGR. BMO Capital Markets reduced their target price on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Evercore set a $240.00 price target on shares of Progressive in a report on Friday, July 10th. UBS Group lifted their price objective on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. William Blair reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus target price of $235.00.

Progressive Trading Down 2.5%

Shares of NYSE:PGR opened at $207.04 on Thursday. The business’s 50-day moving average is $213.99 and its 200 day moving average is $206.43. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The firm has a market capitalization of $120.37 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.86 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive Announces Dividend

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

Insider Activity

In related news, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the transaction, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at $111,199,682.96. This trade represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is owned by company insiders.

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.