The Progressive Corporation $PGR Shares Bought by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 3,218.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,049 shares of the insurance provider’s stock after purchasing an additional 3,927 shares during the period. Atlantic Union Bankshares Corp’s holdings in Progressive were worth $1,000,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Davis Capital Management acquired a new position in shares of Progressive in the third quarter worth $25,000. Howard Hughes Medical Institute acquired a new stake in shares of Progressive in the second quarter valued at $34,000. Westside Investment Management Inc. raised its stake in shares of Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares in the last quarter. Richardson Financial Services Inc. grew its stake in Progressive by 1,885.7% during the 2nd 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. Finally, TruNorth Capital Management LLC grew its stake in Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PGR shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. The Goldman Sachs Group set a $227.00 target price on shares of Progressive in a report on Wednesday, January 7th. Barclays upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $257.00 to $265.00 in a report on Thursday, January 8th. Evercore ISI reduced their price objective on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a report on Wednesday, January 7th. Finally, Zacks Research downgraded shares of Progressive from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Seven analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $251.29.

Progressive Stock Up 2.3%

Progressive stock opened at $205.58 on Thursday. The stock’s 50 day moving average price is $218.16 and its 200 day moving average price is $229.91. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The company has a market cap of $120.55 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 1.24 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Insider Activity at Progressive

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the sale, the executive owned 26,249 shares of the company’s stock, valued at $5,363,983.15. The trade was a 10.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,788 shares of company stock worth $3,018,961 over the last three months. 0.34% of the stock is currently 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.