HBK Sorce Advisory LLC Grows Stake in The Progressive Corporation $PGR

HBK Sorce Advisory LLC grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 102.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,976 shares of the insurance provider’s stock after buying an additional 4,029 shares during the period. HBK Sorce Advisory LLC’s holdings in Progressive were worth $1,939,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp bought a new position in Progressive in the 2nd quarter worth $33,000. Ransom Advisory Ltd purchased a new stake in Progressive in the first quarter worth about $35,000. Howard Hughes Medical Institute bought a new stake in Progressive during the 2nd quarter valued at approximately $34,000. Activest Wealth Management boosted its position in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares in the last quarter. Finally, Westside Investment Management Inc. raised its position in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Barclays dropped their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a report on Monday, October 20th. UBS Group decreased their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Evercore ISI lowered their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Progressive in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $264.98.

Progressive Price Performance

Shares of NYSE PGR opened at $227.74 on Wednesday. The firm has a market cap of $133.55 billion, a P/E ratio of 12.49, a PEG ratio of 1.27 and a beta of 0.36. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19. The company has a 50 day moving average of $222.33 and a 200 day moving average of $239.80.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the business posted $3.58 EPS. As a group, research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.19%.

Insider Activity

In related news, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were 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 in the company, valued at approximately $50,956,523.52. This trade represents a 2.19% 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. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the sale, the insider owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. This represents a 4.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,034 shares of company stock worth $2,047,481 in the last 90 days. Company insiders own 0.33% of the company’s stock.

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.