Covenant Partners LLC Purchases 230 Shares of The Progressive Co. (NYSE:PGR)

Covenant Partners LLC raised its position in shares of The Progressive Co. (NYSE:PGR) by 7.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,165 shares of the insurance provider’s stock after purchasing an additional 230 shares during the period. Covenant Partners LLC’s holdings in Progressive were worth $803,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Davis Capital Management acquired a new position in Progressive during the 3rd quarter valued at about $25,000. WR Wealth Planners LLC increased its holdings in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. raised its position in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Hilltop National Bank boosted its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new stake in Progressive during the 1st quarter worth approximately $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Steven Broz sold 2,982 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This trade 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 can be accessed through this link. In related news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. This trade 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 accessible through this link. Also, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Price Performance

PGR stock traded down $3.09 during trading on Friday, hitting $243.78. The stock had a trading volume of 1,594,653 shares, compared to its average volume of 2,476,907. The company’s 50-day moving average price is $250.50 and its two-hundred day moving average price is $225.33. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $260.46. The stock has a market capitalization of $142.77 billion, a P/E ratio of 17.72, a PEG ratio of 0.68 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio is currently 2.91%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Barclays raised their price objective on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Thursday. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $263.19.

Progressive 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.