Empowered Funds LLC Raises Position in The Progressive Corporation $PGR

Empowered Funds LLC raised its position in shares of The Progressive Corporation (NYSE:PGR) by 20.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 70,071 shares of the insurance provider’s stock after acquiring an additional 11,764 shares during the period. Empowered Funds LLC’s holdings in Progressive were worth $13,891,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Bard Associates Inc. purchased a new stake in Progressive in the fourth quarter worth $27,000. Bogart Wealth LLC boosted its holdings in shares of Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive during the 4th quarter valued at $29,000. HHM Wealth Advisors LLC grew its position in shares of Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after buying an additional 126 shares during the period. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of Progressive in the 4th quarter worth about $33,000. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares of the company’s stock, valued at $111,199,682.96. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 74,885 shares of company stock valued at $15,880,459 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
• Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
• Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
• Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
• Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $190.00 to $210.00 in a research report on Friday, July 24th. UBS Group raised their target price on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Bank of America lowered their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. BMO Capital Markets cut their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Finally, Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $236.11.

Progressive Stock Up 0.5%

NYSE:PGR opened at $220.52 on Thursday. The firm has a market cap of $128.86 billion, a P/E ratio of 11.06, a P/E/G ratio of 2.96 and a beta of 0.26. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The firm has a 50-day simple moving average of $210.81 and a two-hundred day simple moving average of $206.02.

Progressive Announces Dividend

The company also recently declared 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. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.01%.

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.