Tailwinds Wealth LLC Boosts Stock Position in The Progressive Corporation $PGR

Tailwinds Wealth LLC boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 196.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,245 shares of the insurance provider’s stock after purchasing an additional 4,137 shares during the quarter. Progressive comprises about 0.8% of Tailwinds Wealth LLC’s investment portfolio, making the stock its 23rd largest position. Tailwinds Wealth LLC’s holdings in Progressive were worth $1,364,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares in the last quarter. State Street Corp increased its stake in Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after acquiring an additional 78,374 shares during the last quarter. Capital International Investors raised its position in Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after purchasing an additional 1,217,527 shares during the period. GQG Partners LLC lifted its stake in shares of Progressive by 11.7% in the 4th 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 bought a new stake in shares of Progressive in the 4th quarter valued at approximately $1,836,094,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

PGR stock opened at $207.04 on Thursday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The business’s fifty day simple moving average is $213.99 and its two-hundred day simple moving average is $206.43. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The firm has a market cap of $120.37 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 2.86 and a beta of 0.27.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.01%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. HSBC increased their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Mizuho set a $236.00 price objective on shares of Progressive in a research note on Wednesday, August 5th. BMO Capital Markets reduced their target price on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Finally, Evercore set a $240.00 price target on shares of Progressive in a report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $235.00.

Insider Buying and Selling at Progressive

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Andrew J. Quigg sold 3,499 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their ownership of the stock. 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 quarter, insiders sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is owned by corporate insiders.

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.