The Progressive Corporation $PGR Shares Newly Acquired by Sage Rhino Capital LLC

Sage Rhino Capital LLC bought a new stake in shares of The Progressive Corporation (NYSE:PGR) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 3,894 shares of the insurance provider’s stock, valued at approximately $807,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. BlackRock Inc. acquired a new stake in shares of Progressive in the second quarter valued at approximately $10,496,271,000. State Street Corp increased its stake in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock worth $5,794,814,000 after purchasing an additional 656,249 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Progressive during the 2nd quarter worth approximately $2,682,342,000. GQG Partners LLC purchased a new position in shares of Progressive during the 2nd quarter worth approximately $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Progressive by 6.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock worth $1,482,010,000 after purchasing an additional 410,326 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PGR. UBS Group reaffirmed a “neutral” rating and issued a $238.00 target price on shares of Progressive in a research note on Monday, October 19th. Raymond James Financial reiterated an “outperform” rating on shares of Progressive in a report on Friday, October 16th. Piper Sandler raised their price target on Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, August 20th. Cantor Fitzgerald dropped their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research report on Monday, August 17th. Finally, William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus target price of $234.45.

Progressive Price Performance

Progressive stock opened at $230.22 on Friday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38. The stock has a market capitalization of $133.84 billion, a P/E ratio of 11.59, a P/E/G ratio of 2.61 and a beta of 0.25. The firm’s 50-day moving average is $217.43 and its two-hundred day moving average is $209.21. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.01%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,225 shares of Progressive stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the sale, the insider directly owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. The trade was a 4.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the transaction, the insider owned 42,567 shares of the company’s stock, valued at $8,908,847.43. This trade represents a 14.71% 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 90 days, insiders have sold 48,352 shares of company stock valued at $10,524,258. Company insiders own 0.32% of the company’s stock.

Progressive Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.