Caprock Group LLC Takes Position in The Progressive Corporation $PGR

Caprock Group LLC purchased a new position in The Progressive Corporation (NYSE:PGR) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 22,440 shares of the insurance provider’s stock, valued at approximately $5,544,000.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive during the 4th quarter valued at $269,000. Bison Wealth LLC increased its holdings in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of Progressive by 6.7% in the second quarter. Concurrent Investment Advisors LLC now owns 6,285 shares of the insurance provider’s stock worth $1,677,000 after purchasing an additional 393 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Progressive by 19.7% in the second quarter. CWM LLC now owns 35,285 shares of the insurance provider’s stock worth $9,416,000 after purchasing an additional 5,802 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Mizuho set a $240.00 price objective on Progressive in a report on Wednesday, January 14th. Citigroup reduced their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Raymond James Financial decreased their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Barclays upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $257.00 to $265.00 in a report on Thursday, January 8th. Finally, HSBC lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $250.35.

Insiders Place Their Bets

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the transaction, the executive directly owned 26,249 shares in the company, valued at $5,363,983.15. The trade was a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $228.48, for a total value 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 represents a 2.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 12,443 shares of company stock worth $2,723,061. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Up 2.9%

PGR stock opened at $208.40 on Thursday. The business’s 50-day moving average price is $215.77 and its 200-day moving average price is $228.41. The stock has a market cap of $122.20 billion, a P/E ratio of 10.83, a PEG ratio of 7.09 and a beta of 0.32. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.08%.

About Progressive

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.