MBM Wealth Consultants LLC Boosts Holdings in The Progressive Co. (NYSE:PGR)

MBM Wealth Consultants LLC raised its holdings in The Progressive Co. (NYSE:PGRGet Rating) by 27.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 825 shares of the insurance provider’s stock after purchasing an additional 180 shares during the quarter. MBM Wealth Consultants LLC’s holdings in Progressive were worth $94,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Progressive by 2.6% in the first quarter. Vanguard Group Inc. now owns 48,453,671 shares of the insurance provider’s stock valued at $5,523,234,000 after purchasing an additional 1,250,492 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Progressive by 3.1% during the 4th quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider’s stock worth $4,700,376,000 after acquiring an additional 1,393,588 shares in the last quarter. State Street Corp boosted its stake in shares of Progressive by 2.2% during the 4th quarter. State Street Corp now owns 27,182,740 shares of the insurance provider’s stock worth $2,790,308,000 after acquiring an additional 572,891 shares in the last quarter. Capital World Investors boosted its stake in shares of Progressive by 1.5% during the 4th quarter. Capital World Investors now owns 8,955,605 shares of the insurance provider’s stock worth $919,293,000 after acquiring an additional 134,593 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Progressive by 15.8% during the 4th quarter. Alliancebernstein L.P. now owns 8,824,278 shares of the insurance provider’s stock worth $905,812,000 after acquiring an additional 1,205,937 shares in the last quarter. 85.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several recent analyst reports. Wells Fargo & Company reissued a “sell” rating and set a $98.00 target price on shares of Progressive in a research note on Friday, July 15th. Raymond James increased their target price on shares of Progressive from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Monday, August 29th. Jefferies Financial Group increased their target price on shares of Progressive from $106.00 to $125.00 and gave the stock a “hold” rating in a research note on Tuesday, July 12th. Morgan Stanley raised their price target on shares of Progressive from $121.00 to $130.00 and gave the company an “equal weight” rating in a research note on Friday, August 19th. Finally, Citigroup initiated coverage on shares of Progressive in a research note on Monday, May 23rd. They issued a “sell” rating and a $93.00 price target on the stock. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus price target of $118.08.

Progressive Stock Down 0.4 %

PGR stock opened at $128.68 on Friday. The company has a market cap of $75.27 billion, a price-to-earnings ratio of 91.91, a PEG ratio of 1.57 and a beta of 0.42. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The Progressive Co. has a 12 month low of $89.35 and a 12 month high of $129.24. The firm has a 50-day moving average of $119.67 and a two-hundred day moving average of $114.83.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, October 7th will be issued a $0.10 dividend. The ex-dividend date is Thursday, October 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.31%. Progressive’s payout ratio is 28.57%.

Progressive announced that its Board of Directors has initiated a share buyback program on Wednesday, May 18th that permits the company to buyback 25,000,000 shares. This buyback authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 3,180 shares of the stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the sale, the insider now owns 24,061 shares in the company, valued at approximately $3,042,032.23. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.37% of the stock is owned by insiders.

Progressive Profile

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

See Also

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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