Phoenix Financial Ltd. Sells 11,538 Shares of The Progressive Corporation $PGR

Phoenix Financial Ltd. cut its position in The Progressive Corporation (NYSE:PGR) by 26.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,504 shares of the insurance provider’s stock after selling 11,538 shares during the quarter. Phoenix Financial Ltd.’s holdings in Progressive were worth $7,780,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PGR. Brighton Jones LLC boosted its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive during the 4th quarter valued at $269,000. Bison Wealth LLC boosted its position in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. ORG Partners LLC grew its stake in Progressive by 182.2% during the 2nd quarter. ORG Partners LLC now owns 285 shares of the insurance provider’s stock worth $75,000 after buying an additional 184 shares during the last quarter. Finally, LVW Advisors LLC increased its position in Progressive by 7.7% during the 2nd quarter. LVW Advisors LLC now owns 1,062 shares of the insurance provider’s stock valued at $283,000 after buying an additional 76 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 1,649 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 $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. The trade was a 4.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the completion of the sale, the insider owned 27,698 shares in the company, valued at $6,323,176.42. The trade was a 4.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 13,788 shares of company stock valued at $3,018,961. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PGR shares. Raymond James Financial lowered their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $257.00 to $265.00 in a research report on Thursday, January 8th. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $250.00 to $252.00 and gave the company a “market perform” rating in a research note on Tuesday, January 6th. Finally, Zacks Research cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $259.39.

Progressive Stock Performance

PGR opened at $207.51 on Tuesday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12-month low of $198.50 and a 12-month high of $292.99. The firm has a 50 day moving average of $220.86 and a two-hundred day moving average of $231.72. The firm has a market capitalization of $121.68 billion, a PE ratio of 11.38, a P/E/G ratio of 1.26 and a beta of 0.34.

Progressive Announces Dividend

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

About Progressive

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.