Y Intercept Hong Kong Ltd Acquires New Holdings in The Progressive Corporation $PGR

Y Intercept Hong Kong Ltd bought a new position in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 67,696 shares of the insurance provider’s stock, valued at approximately $14,788,000.

Several other large investors have also modified their holdings of PGR. Brighton Jones LLC grew its holdings in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive in the fourth quarter worth $269,000. Bison Wealth LLC lifted its position in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after acquiring an additional 80 shares in the last quarter. HUB Investment Partners LLC lifted its position in shares of Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after acquiring an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC boosted its stake in shares of Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after acquiring an additional 1,622 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 2.5%

Shares of NYSE:PGR opened at $207.04 on Thursday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. 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. The stock’s 50-day moving average price is $213.99 and its two-hundred day moving average price is $206.43. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors 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 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is 2.01%.

Insider Activity at Progressive

In related news, CFO Andrew J. Quigg sold 3,499 shares of the 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 transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at $6,880,743.08. The trade was 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. Insiders have sold a total of 74,885 shares of company stock valued at $15,880,459 over the last 90 days. 0.32% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PGR. HSBC boosted their target price on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. Wells Fargo & Company cut their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. BMO Capital Markets reduced their price objective 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. Finally, UBS Group raised their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average price target of $235.00.

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.