Jacobsen Capital Management Takes $221,000 Position in The Progressive Co. (NYSE:PGR)

Jacobsen Capital Management purchased a new position in shares of The Progressive Co. (NYSE:PGR) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 872 shares of the insurance provider’s stock, valued at approximately $221,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter worth approximately $25,000. WR Wealth Planners LLC lifted its stake in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the last quarter. Hilltop National Bank lifted its stake in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. lifted its stake in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Progressive during the 1st quarter worth approximately $36,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

Shares of PGR stock opened at $241.68 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46. The business has a 50-day simple moving average of $250.69 and a 200-day simple moving average of $226.17. The stock has a market cap of $141.54 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 0.67 and a beta of 0.35.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s dividend payout ratio is presently 2.91%.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now owns 45,787 shares in the company, valued at $10,874,412.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now owns 45,787 shares in the company, valued at $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,843 shares of company stock worth $18,674,912 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on PGR. Bank of America raised their price objective on Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a report on Monday, August 12th. BMO Capital Markets reduced their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Citigroup reduced their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group raised their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $263.19.

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.