Berkley W R Corp Has $41.15 Million Holdings in The Progressive Corporation $PGR

Berkley W R Corp grew its position in The Progressive Corporation (NYSE:PGR) by 92.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 207,589 shares of the insurance provider’s stock after purchasing an additional 100,000 shares during the period. Progressive comprises about 2.2% of Berkley W R Corp’s portfolio, making the stock its 7th largest position. Berkley W R Corp’s holdings in Progressive were worth $41,152,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Bard Associates Inc. bought a new position in shares of Progressive during the 4th quarter valued at approximately $27,000. Bogart Wealth LLC boosted its stake in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the period. IFC & Insurance Marketing Inc. bought a new position in shares of Progressive in the fourth quarter valued at approximately $29,000. HHM Wealth Advisors LLC grew its position in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares in the last quarter. Finally, Acumen Wealth Advisors LLC bought a new position in Progressive in the 4th quarter worth about $33,000. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the sale, the insider directly owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This trade represents a 4.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock valued at $3,165,817 over the last three months. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. UBS Group increased their price objective on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods cut their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. BMO Capital Markets reduced their price objective on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada set a $208.00 target price on Progressive in a research note on Friday, May 22nd. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $236.11.

Progressive Trading Up 0.0%

Shares of NYSE:PGR opened at $213.85 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The company has a market cap of $124.96 billion, a P/E ratio of 10.72, a PEG ratio of 2.88 and a beta of 0.26. The stock’s fifty day moving average price is $209.88 and its 200-day moving average price is $205.87.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s payout ratio is presently 2.01%.

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.