Sei Investments Co. Has $135.88 Million Stock Position in The Progressive Corporation $PGR

Sei Investments Co. increased its holdings in The Progressive Corporation (NYSE:PGR) by 31.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 685,457 shares of the insurance provider’s stock after acquiring an additional 162,609 shares during the period. Sei Investments Co. owned about 0.12% of Progressive worth $135,885,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after buying an additional 593,612 shares in the last quarter. State Street Corp lifted its stake in Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after acquiring an additional 78,374 shares in the last quarter. Capital International Investors boosted its holdings in Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after acquiring an additional 1,217,527 shares during the last quarter. GQG Partners LLC raised its holdings in shares of Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock valued at $2,375,706,000 after purchasing an additional 1,092,151 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Progressive in the fourth quarter valued at about $1,836,094,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This represents a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on PGR. Keefe, Bruyette & Woods cut their price target on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Wells Fargo & Company dropped their target price on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research report on Thursday, July 16th. HSBC boosted their target price on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $250.00 target price on shares of Progressive in a report on Tuesday, July 14th. Finally, Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $236.11.

Progressive Trading Up 1.2%

NYSE:PGR opened at $207.06 on Friday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The firm’s 50 day moving average is $209.60 and its 200 day moving average is $205.86. The stock has a market capitalization of $120.99 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 2.75 and a beta of 0.26.

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 paid a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend 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.