Corundum Group Inc. Makes New $311,000 Investment in The Progressive Co. (NYSE:PGR)

Corundum Group Inc. bought a new stake in The Progressive Co. (NYSE:PGR) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,503 shares of the insurance provider’s stock, valued at approximately $311,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PGR. Sachetta LLC bought a new position in Progressive in the 4th quarter worth about $25,000. Northwest Bank & Trust Co bought a new position in Progressive in the 4th quarter worth approximately $25,000. Valley National Advisers Inc. increased its position in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares during the period. Pinnacle Bancorp Inc. bought a new stake in Progressive during the 4th quarter valued at $39,000. Finally, Criterion Capital Advisors LLC acquired a new position in Progressive during the 4th quarter worth $47,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock traded down $0.22 during trading hours on Thursday, hitting $207.97. The stock had a trading volume of 122,623 shares, compared to its average volume of 2,568,478. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77. The company has a market cap of $121.81 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 0.80 and a beta of 0.35. The company has a 50-day moving average of $209.62 and a two-hundred day moving average of $192.86. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 EPS. On average, equities research analysts anticipate that The Progressive Co. will post 11.34 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. Wells Fargo & Company upped their price objective on shares of Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. Roth Mkm reiterated a “buy” rating and issued a $235.00 price target on shares of Progressive in a research report on Wednesday. Bank of America raised their price objective on shares of Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Piper Sandler restated an “overweight” rating and set a $240.00 target price on shares of Progressive in a report on Monday, April 1st. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $216.81.

Insider Activity

In related news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the sale, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 3,050 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,518 shares of company stock worth $5,055,674. Insiders own 0.34% of the company’s stock.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.