Bensler LLC Increases Stake in The Progressive Co. (NYSE:PGR)

Bensler LLC boosted its stake in The Progressive Co. (NYSE:PGR) by 4.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,709 shares of the insurance provider’s stock after purchasing an additional 2,457 shares during the period. Progressive comprises 1.8% of Bensler LLC’s investment portfolio, making the stock its 16th largest position. Bensler LLC’s holdings in Progressive were worth $15,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Nemes Rush Group LLC grew its position in shares of Progressive by 197.5% in the 2nd quarter. Nemes Rush Group LLC now owns 592 shares of the insurance provider’s stock worth $123,000 after buying an additional 393 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Progressive by 20.6% in the 2nd quarter. NewEdge Advisors LLC now owns 30,429 shares of the insurance provider’s stock worth $6,320,000 after buying an additional 5,199 shares during the last quarter. Sunbelt Securities Inc. grew its position in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after buying an additional 46 shares during the last quarter. Second Line Capital LLC grew its position in shares of Progressive by 3.3% in the 2nd quarter. Second Line Capital LLC now owns 12,631 shares of the insurance provider’s stock worth $2,624,000 after buying an additional 409 shares during the last quarter. Finally, Kimelman & Baird LLC bought a new stake in shares of Progressive in the 2nd quarter worth approximately $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent analyst reports. TD Cowen lifted their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Evercore ISI boosted their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Jefferies Financial Group boosted their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods dropped their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average price target of $274.65.

Insiders Place Their Bets

In other news, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,506 shares of company stock worth $10,531,159 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Down 0.7 %

Progressive stock opened at $245.06 on Tuesday. The stock has a market cap of $143.56 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a one year low of $175.50 and a one year high of $270.62. The stock has a fifty day moving average of $248.27 and a 200 day moving average of $243.79.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is 2.91%.

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.