Moore Capital Management LP Increases Position in The Progressive Co. (NYSE:PGR)

Moore Capital Management LP grew its holdings in The Progressive Co. (NYSE:PGR – Get Rating) by 51.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 157,683 shares of the insurance provider’s stock after buying an additional 53,683 shares during the period. Moore Capital Management LP’s holdings in Progressive were worth $18,324,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Quent Capital LLC raised its holdings in Progressive by 29.4% during the third quarter. Quent Capital LLC now owns 348 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 79 shares in the last quarter. McKinley Carter Wealth Services Inc. raised its holdings in Progressive by 1.7% during the third quarter. McKinley Carter Wealth Services Inc. now owns 5,927 shares of the insurance provider’s stock worth $689,000 after purchasing an additional 99 shares in the last quarter. Bellecapital International Ltd. raised its holdings in Progressive by 2.8% during the third quarter. Bellecapital International Ltd. now owns 3,676 shares of the insurance provider’s stock worth $427,000 after purchasing an additional 100 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Progressive by 5.1% during the third quarter. International Assets Investment Management LLC now owns 2,129 shares of the insurance provider’s stock worth $247,000 after purchasing an additional 103 shares in the last quarter. Finally, Highland Private Wealth Management raised its holdings in Progressive by 5.1% during the third quarter. Highland Private Wealth Management now owns 2,205 shares of the insurance provider’s stock worth $256,000 after purchasing an additional 106 shares in the last quarter. 83.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PGR has been the subject of several analyst reports. Piper Sandler raised shares of Progressive from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $133.00 to $138.00 in a report on Monday, February 13th. Citigroup increased their target price on shares of Progressive from $109.00 to $111.00 and gave the company a “sell” rating in a report on Wednesday, February 1st. Barclays increased their target price on shares of Progressive from $104.00 to $109.00 and gave the company an “underweight” rating in a report on Thursday, December 15th. Wells Fargo & Company increased their target price on shares of Progressive from $114.00 to $116.00 and gave the company an “underweight” rating in a report on Thursday, January 26th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Progressive from $127.00 to $140.00 and gave the company a “market perform” rating in a report on Friday, February 17th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $136.62.

Insider Buying and Selling

In related news, insider Daniel P. Mascaro sold 3,930 shares of the firm’s stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $126.55, for a total transaction of $497,341.50. Following the sale, the insider now owns 38,888 shares in the company, valued at $4,921,276.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Daniel P. Mascaro sold 3,930 shares of the firm’s stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $126.55, for a total transaction of $497,341.50. Following the sale, the insider now owns 38,888 shares in the company, valued at $4,921,276.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Daniel P. Mascaro sold 2,806 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $141.64, for a total transaction of $397,441.84. Following the sale, the insider now owns 36,082 shares in the company, valued at approximately $5,110,654.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,838 shares of company stock worth $7,864,579. 0.33% of the stock is owned by insiders.

Progressive Stock Down 0.7 %

PGR stock opened at $143.76 on Thursday. The company’s 50 day simple moving average is $136.52 and its 200-day simple moving average is $129.58. The firm has a market capitalization of $84.15 billion, a PE ratio of 121.83, a P/E/G ratio of 0.93 and a beta of 0.50. The Progressive Co. has a 12 month low of $102.29 and a 12 month high of $146.50. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.37 and a quick ratio of 0.37.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Thursday, April 6th will be given a $0.10 dividend. The ex-dividend date is Wednesday, April 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.28%. Progressive’s dividend payout ratio is presently 33.90%.

Progressive Profile

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Progressive Corp. is an insurance holding company. engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.