NEOS Investment Management LLC Increases Stock Holdings in The Progressive Corporation $PGR

NEOS Investment Management LLC grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 44.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,502 shares of the insurance provider’s stock after purchasing an additional 20,930 shares during the period. NEOS Investment Management LLC’s holdings in Progressive were worth $16,670,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Davis Capital Management purchased a new stake in shares of Progressive in the 3rd quarter worth about $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive in the second quarter worth $33,000. Westside Investment Management Inc. increased its holdings in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in shares of Progressive in the 2nd quarter worth about $34,000. Finally, TruNorth Capital Management LLC boosted its stake in Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of NYSE:PGR opened at $207.70 on Wednesday. The company has a market capitalization of $121.79 billion, a P/E ratio of 10.80, a P/E/G ratio of 7.16 and a beta of 0.32. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The firm’s 50 day simple moving average is $214.24 and its two-hundred day simple moving average is $227.31. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29.

Progressive Announces Dividend

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%.

Analysts Set New Price Targets

PGR has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research note on Wednesday, January 28th. William Blair downgraded Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Barclays raised Progressive from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $257.00 to $265.00 in a report on Thursday, January 8th. Evercore dropped their price objective on Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a research report on Wednesday, January 7th. Finally, Mizuho set a $240.00 target price on Progressive in a research report on Wednesday, January 14th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus 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 company’s 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 completion of the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 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.