Silvant Capital Management LLC Has $1.64 Million Stock Holdings in The Progressive Corporation $PGR

by · The Markets Daily

Silvant Capital Management LLC decreased its stake in The Progressive Corporation (NYSE:PGR – Free Report) by 33.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,623 shares of the insurance provider’s stock after selling 3,401 shares during the quarter. Silvant Capital Management LLC’s holdings in Progressive were worth $1,636,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Davis Capital Management acquired a new stake in Progressive during the 3rd quarter worth about $25,000. Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after buying an additional 65 shares during the period. Atlantic Union Bankshares Corp purchased a new position in shares of Progressive in the second quarter worth approximately $33,000. Howard Hughes Medical Institute acquired a new stake in shares of Progressive during the second quarter valued at approximately $34,000. Finally, TruNorth Capital Management LLC lifted its position in shares of Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PGR shares. JPMorgan Chase & Co. reduced their price objective on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Argus upgraded shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. HSBC downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Mizuho set a $240.00 price objective on shares of Progressive in a research note on Wednesday, January 14th. Finally, William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $241.94.

Read Our Latest Report on PGR

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the transaction, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The SEC filing for this sale provides additional information. Insiders sold a total of 12,761 shares of company stock valued at $2,659,420 in the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $201.19 on Thursday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm has a fifty day simple moving average of $207.56 and a 200-day simple moving average of $223.03. The stock has a market capitalization of $117.88 billion, a price-to-earnings ratio of 10.46, a PEG ratio of 9.00 and a beta of 0.33. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio is 2.08%.

Progressive Company Profile

(Free Report)

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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