The Progressive Corporation $PGR Holdings Lessened by Skylands Capital LLC

Skylands Capital LLC lowered its holdings in The Progressive Corporation (NYSE:PGR) by 42.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,400 shares of the insurance provider’s stock after selling 3,225 shares during the quarter. Skylands Capital LLC’s holdings in Progressive were worth $912,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Bogart Wealth LLC raised its holdings in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares during the last quarter. IMG Wealth Management Inc. bought a new position in shares of Progressive in the second quarter valued at $26,000. Meeder Asset Management Inc. bought a new position in shares of Progressive in the second quarter valued at $26,000. Kilter Group LLC bought a new position in shares of Progressive in the second quarter valued at $27,000. Finally, HHM Wealth Advisors LLC lifted its stake in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after buying an additional 126 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other news, insider John Murphy sold 8,124 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares in the company, valued at $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 106,782 shares of company stock worth $22,965,332. Company insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PGR. UBS Group reiterated a “neutral” rating and set a $238.00 price objective on shares of Progressive in a report on Monday. Jefferies Financial Group restated a “hold” rating and issued a $228.00 target price (up from $213.00) on shares of Progressive in a report on Wednesday, August 19th. Wells Fargo & Company dropped their price target on shares of Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a research report on Thursday, October 15th. Piper Sandler raised their price target on shares of Progressive from $241.00 to $242.00 and gave the company an “overweight” rating in a research report on Thursday, August 20th. Finally, TD Cowen cut their price target on Progressive from $266.00 to $222.00 and set a “hold” rating for the company in a research note on Wednesday, July 29th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $234.45.

Progressive Trading Down 0.2%

Shares of Progressive stock opened at $221.59 on Thursday. The stock has a fifty day simple moving average of $215.37 and a 200 day simple moving average of $210.03. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38. The company has a market capitalization of $128.83 billion, a P/E ratio of 11.16, a price-to-earnings-growth ratio of 2.66 and a beta of 0.25. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.01%.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.