Caprock Group LLC Has $4.11 Million Stock Holdings in The Progressive Corporation $PGR

Caprock Group LLC decreased its holdings in The Progressive Corporation (NYSE:PGR) by 19.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,030 shares of the insurance provider’s stock after selling 4,410 shares during the quarter. Caprock Group LLC’s holdings in Progressive were worth $4,106,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Davis Capital Management acquired a new position in shares of Progressive in the 3rd quarter valued at $25,000. Dagco Inc. acquired a new position in shares of Progressive in the 4th quarter valued at $28,000. Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares in the last quarter. Bangor Savings Bank raised its stake in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after buying an additional 58 shares in the last quarter. Finally, Riverview Trust Co raised its stake in shares of Progressive by 48.6% in the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after buying an additional 53 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 6,933 shares of company stock worth $1,441,564 in the last quarter. Insiders own 0.32% of the company’s stock.

Progressive Stock Up 1.3%

PGR opened at $205.38 on Friday. The Progressive Corporation has a twelve month low of $192.02 and a twelve month high of $289.96. The firm’s 50-day simple moving average is $203.46 and its 200-day simple moving average is $213.78. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.35 and a current ratio of 0.33. The firm has a market cap of $120.14 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 6.68 and a beta of 0.34.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the prior year, the firm earned $4.37 EPS. The company’s revenue was up 6.5% on a year-over-year basis. Equities research analysts anticipate that The Progressive Corporation will post 16.39 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PGR shares. Wells Fargo & Company increased their price objective on shares of Progressive from $215.00 to $218.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Bank of America upped their target price on shares of Progressive from $295.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. BMO Capital Markets upped their target price on shares of Progressive from $208.00 to $221.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Citigroup lowered their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Finally, Evercore reaffirmed a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $238.39.

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.