Baltimore Washington Financial Advisors Inc. Acquires 20,488 Shares of The Progressive Corporation $PGR

Baltimore Washington Financial Advisors Inc. increased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 26.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,484 shares of the insurance provider’s stock after purchasing an additional 20,488 shares during the quarter. Baltimore Washington Financial Advisors Inc.’s holdings in Progressive were worth $24,321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Davis Capital Management purchased a new position in Progressive in the 3rd quarter worth about $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive during the 2nd quarter valued at about $33,000. Howard Hughes Medical Institute bought a new stake in shares of Progressive in the second quarter worth approximately $34,000. TruNorth Capital Management LLC grew its stake in shares of Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 135 shares during the period. Finally, Richardson Financial Services Inc. raised its holdings in shares of Progressive by 41.0% during the third quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock valued at $48,000 after purchasing an additional 57 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 1,344 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the sale, the insider directly owned 26,354 shares in the company, valued at $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 9,103 shares of company stock worth $1,883,924. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Evercore set a $230.00 price objective on shares of Progressive in a research report on Thursday, February 19th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday, February 19th. Bank of America decreased their target price on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research note on Tuesday, December 9th. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Finally, Wells Fargo & Company dropped their price target on Progressive from $220.00 to $214.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 19th. Seven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and an average target price of $245.50.

Progressive Stock Performance

Shares of NYSE PGR opened at $210.92 on Friday. The firm’s fifty day moving average is $208.98 and its two-hundred day moving average is $224.16. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $292.99. The company has a market cap of $123.58 billion, a P/E ratio of 10.96, a P/E/G ratio of 9.20 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.35.

Progressive Dividend Announcement

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

Progressive 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.