Monument Capital Management Boosts Position in The Progressive Co. (NYSE:PGR)

Monument Capital Management boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 414.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,291 shares of the insurance provider’s stock after buying an additional 10,706 shares during the quarter. Monument Capital Management’s holdings in Progressive were worth $2,749,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Indiana Trust & Investment Management CO bought a new position in Progressive in the first quarter worth approximately $32,000. Sachetta LLC bought a new position in shares of Progressive during the 4th quarter worth $25,000. Northwest Bank & Trust Co purchased a new position in shares of Progressive during the fourth quarter valued at $25,000. Register Financial Advisors LLC bought a new stake in shares of Progressive in the first quarter valued at about $35,000. Finally, Valley National Advisers Inc. lifted its stake in Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 112 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PGR shares. Wells Fargo & Company raised their target price on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. Piper Sandler restated an “overweight” rating and set a $240.00 target price on shares of Progressive in a report on Monday, April 1st. HSBC lifted their price target on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Jefferies Financial Group lifted their price target on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. Finally, The Goldman Sachs Group lifted their price target on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $216.81.

Progressive Stock Performance

PGR stock traded down $1.34 during midday trading on Wednesday, reaching $209.78. The stock had a trading volume of 379,364 shares, compared to its average volume of 2,573,404. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a fifty day simple moving average of $209.36 and a two-hundred day simple moving average of $194.64. The stock has a market cap of $122.87 billion, a PE ratio of 21.45, a P/E/G ratio of 0.80 and a beta of 0.35. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $217.77.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 29.43% and a net margin of 8.89%. Progressive’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 earnings per share. As a group, equities research analysts anticipate that The Progressive Co. will post 11.27 EPS for the current year.

Progressive Announces Dividend

The business 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 $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive 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 in the company, valued at $828,485.91. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The disclosure for this sale can be found here. Insiders sold a total of 34,518 shares of company stock valued at $7,159,674 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Progressive Company Profile

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.