CoreCap Advisors LLC Buys Shares of 482 The Progressive Co. (NYSE:PGR)

Posted by Defense World Staff on Jun 1st, 2023

CoreCap Advisors LLC bought a new stake in The Progressive Co. (NYSE:PGR – Get Rating) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 482 shares of the insurance provider’s stock, valued at approximately $63,000.

A number of other large investors have also modified their holdings of the business. Wealthsource Partners LLC grew its stake in shares of Progressive by 13.7% during the fourth quarter. Wealthsource Partners LLC now owns 2,588 shares of the insurance provider’s stock worth $336,000 after acquiring an additional 311 shares during the last quarter. Corrado Advisors LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $305,000. Blair William & Co. IL lifted its holdings in shares of Progressive by 5.7% during the fourth quarter. Blair William & Co. IL now owns 1,214,587 shares of the insurance provider’s stock worth $157,544,000 after purchasing an additional 65,984 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Progressive by 2.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 38,110 shares of the insurance provider’s stock worth $4,943,000 after purchasing an additional 942 shares during the period. Finally, Tredje AP fonden lifted its holdings in shares of Progressive by 96.0% during the fourth quarter. Tredje AP fonden now owns 192,666 shares of the insurance provider’s stock worth $24,991,000 after purchasing an additional 94,354 shares during the period. Hedge funds and other institutional investors own 83.19% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 472 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $138.67, for a total value of $65,452.24. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $552,045.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Progressive news, Director Devin C. Johnson sold 500 shares of the company’s stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $140.18, for a total value of $70,090.00. Following the completion of the sale, the director now directly owns 5,927 shares in the company, valued at approximately $830,846.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mariann Wojtkun Marshall sold 472 shares of the company’s stock in a transaction on Thursday, March 16th. The shares were sold at an average price of $138.67, for a total value of $65,452.24. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $552,045.27. The disclosure for this sale can be found here. Insiders sold a total of 6,708 shares of company stock worth $927,717 in the last three months. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently commented on PGR. Roth Mkm lifted their target price on Progressive from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, February 16th. Evercore ISI decreased their target price on Progressive from $167.00 to $163.00 and set an “outperform” rating for the company in a report on Friday, April 14th. Jefferies Financial Group boosted their price target on Progressive from $159.00 to $168.00 and gave the company a “buy” rating in a report on Monday, April 10th. Credit Suisse Group reissued a “neutral” rating and issued a $143.00 price target on shares of Progressive in a report on Friday, April 14th. Finally, JPMorgan Chase & Co. boosted their price target on Progressive from $130.00 to $132.00 and gave the company a “neutral” rating in a report on Friday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average price target of $148.13.

Progressive Stock Down 0.1 %

Shares of PGR opened at $127.91 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.37 and a current ratio of 0.37. The Progressive Co. has a one year low of $108.64 and a one year high of $149.87. The stock has a market capitalization of $74.87 billion, a price-to-earnings ratio of 90.72, a PEG ratio of 0.94 and a beta of 0.50. The stock has a 50 day moving average price of $136.77 and a 200 day moving average price of $135.11.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, July 7th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Thursday, July 6th. Progressive’s payout ratio is currently 28.37%.

About Progressive

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.