Thrivent Financial for Lutherans Buys 14,301 Shares of The Progressive Corporation $PGR

Thrivent Financial for Lutherans boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 12.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,914 shares of the insurance provider’s stock after purchasing an additional 14,301 shares during the period. Thrivent Financial for Lutherans’ holdings in Progressive were worth $31,095,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PGR. Davis Capital Management acquired a new stake in Progressive in the 3rd quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new position in shares of Progressive during the 2nd quarter worth approximately $33,000. Westside Investment Management Inc. grew its stake in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares in the last quarter. Howard Hughes Medical Institute acquired a new stake in shares of Progressive in the second quarter valued at approximately $34,000. Finally, Richardson Financial Services Inc. lifted its position in shares of Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

NYSE:PGR opened at $203.08 on Tuesday. The Progressive Corporation has a 12-month low of $198.50 and a 12-month high of $292.99. The firm has a market capitalization of $119.08 billion, a price-to-earnings ratio of 10.55, a P/E/G ratio of 1.28 and a beta of 0.33. The stock’s 50 day moving average price is $219.14 and its two-hundred day moving average price is $230.40. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s payout ratio is 2.08%.

Insider Activity at Progressive

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This represents a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,788 shares of company stock valued at $3,018,961 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Wells Fargo & Company decreased their price objective on Progressive from $240.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, January 29th. Citigroup dropped their target price on Progressive from $301.38 to $300.60 and set a “buy” rating on the stock in a report on Monday, December 15th. JPMorgan Chase & Co. decreased their price target on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Finally, Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $257.00 to $265.00 in a research note on Thursday, January 8th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $253.62.

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.