Ascent Group LLC Acquires 5,115 Shares of The Progressive Co. (NYSE:PGR)

Ascent Group LLC boosted its holdings in The Progressive Co. (NYSE:PGR – Get Rating) by 125.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,185 shares of the insurance provider’s stock after acquiring an additional 5,115 shares during the quarter. Ascent Group LLC’s holdings in Progressive were worth $1,179,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PGR. Balyasny Asset Management LLC grew its stake in Progressive by 1,555.0% in the 3rd quarter. Balyasny Asset Management LLC now owns 145,497 shares of the insurance provider’s stock valued at $16,909,000 after buying an additional 155,497 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Progressive by 2.0% during the 3rd quarter. Baird Financial Group Inc. now owns 3,494,291 shares of the insurance provider’s stock worth $406,072,000 after acquiring an additional 69,318 shares during the last quarter. Covington Capital Management lifted its stake in Progressive by 38.3% in the third quarter. Covington Capital Management now owns 484 shares of the insurance provider’s stock worth $56,000 after purchasing an additional 134 shares during the last quarter. Enlightenment Research LLC lifted its stake in Progressive by 122.0% in the third quarter. Enlightenment Research LLC now owns 4,200 shares of the insurance provider’s stock worth $488,000 after purchasing an additional 2,308 shares during the last quarter. Finally, Kingsview Wealth Management LLC bought a new stake in Progressive in the third quarter worth $697,000. Institutional investors own 83.19% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, March 10th. Piper Sandler upgraded shares of Progressive from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $133.00 to $138.00 in a research report on Monday, February 13th. Citigroup boosted their price objective on shares of Progressive from $109.00 to $111.00 and gave the company a “sell” rating in a research report on Wednesday, February 1st. Barclays boosted their price objective on shares of Progressive from $104.00 to $109.00 and gave the company an “underweight” rating in a research report on Thursday, December 15th. Finally, Roth Capital restated a “buy” rating on shares of Progressive in a research report on Wednesday, February 15th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $136.62.

Progressive Price Performance

Shares of NYSE PGR opened at $141.84 on Wednesday. The Progressive Co. has a 1 year low of $104.01 and a 1 year high of $146.50. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.37 and a quick ratio of 0.37. The company’s 50-day moving average is $137.40 and its 200 day moving average is $130.05. The stock has a market capitalization of $83.02 billion, a P/E ratio of 120.20, a P/E/G ratio of 0.90 and a beta of 0.50.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Thursday, April 6th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend is Wednesday, April 5th. Progressive’s dividend payout ratio (DPR) is presently 33.90%.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 930 shares of the company’s stock in a transaction dated Monday, January 30th. The shares were sold at an average price of $135.50, for a total value of $126,015.00. Following the sale, the insider now owns 30,041 shares in the company, valued at $4,070,555.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Progressive news, insider Patrick K. Callahan sold 3,644 shares of the company’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $130.36, for a total value of $475,031.84. Following the sale, the insider now owns 15,186 shares in the company, valued at $1,979,646.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 930 shares of the company’s stock in a transaction dated Monday, January 30th. The stock was sold at an average price of $135.50, for a total transaction of $126,015.00. Following the completion of the sale, the insider now owns 30,041 shares in the company, valued at approximately $4,070,555.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,838 shares of company stock worth $7,864,579. 0.33% of the stock is currently owned by company insiders.

Progressive Company Profile

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.