Sei Investments Co. Buys 162,609 Shares of The Progressive Corporation $PGR

Sei Investments Co. increased its stake in shares of The Progressive Corporation (NYSE:PGR) by 31.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 685,457 shares of the insurance provider’s stock after purchasing an additional 162,609 shares during the period. Sei Investments Co.’s holdings in Progressive were worth $135,885,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Bogart Wealth LLC boosted its position in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares during the period. Bard Associates Inc. bought a new stake in Progressive during the 4th quarter worth approximately $27,000. HHM Wealth Advisors LLC increased its holdings in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 126 shares during the period. IFC & Insurance Marketing Inc. purchased a new stake in Progressive in the 4th quarter worth approximately $29,000. Finally, Entrust Financial LLC bought a new position in Progressive in the 4th quarter valued at $33,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,157 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the sale, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was 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 represents a 23.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $250.00 price target on shares of Progressive in a report on Tuesday, July 14th. Wells Fargo & Company reduced their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. Keefe, Bruyette & Woods decreased their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Finally, Bank of America dropped their price target on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $236.11.

Progressive Trading Up 1.2%

NYSE PGR opened at $207.06 on Friday. The firm has a market cap 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. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The stock has a 50-day moving average of $209.60 and a 200-day moving average of $205.86. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were given a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s 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.