On February 13, 2023 at 15:12:35 (ET) an unusually large $82.15K block of Put contracts in Progressive (PGR) was bought, with a strike price of $135.00 / share, expiring in 4 days (on February 17, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.00 sigmas above the mean, placing it in the percentile of all recent large trades made in PGR options.

Analyst Price Forecast Suggests 2.30% Upside

As of February 12, 2023, the average one-year price target for Progressive is $141.92. The forecasts range from a low of $112.11 to a high of $182.70. The average price target represents an increase of 2.30% from its latest reported closing price of $138.73.

The projected annual revenue for Progressive is $57,099MM, an increase of 15.15%. The projected annual EPS is $6.35, an increase of 434.46%.

What is the Fund Sentiment?

There are 2104 funds or institutions reporting positions in Progressive. This is an increase of 56 owner(s) or 2.73% in the last quarter. Average portfolio weight of all funds dedicated to PGR is 0.61%, a decrease of 1.29%. Total shares owned by institutions decreased in the last three months by 2.18% to 577,129K shares. The put/call ratio of PGR is 0.97, indicating a bullish outlook.

What are large shareholders doing?

Jpmorgan Chase & holds 26,128K shares representing 4.47% ownership of the company. In it’s prior filing, the firm reported owning 27,428K shares, representing a decrease of 4.97%. The firm decreased its portfolio allocation in PGR by 86.76% over the last quarter.

Wellington Management Group Llp holds 21,272K shares representing 3.64% ownership of the company. In it’s prior filing, the firm reported owning 31,207K shares, representing a decrease of 46.70%. The firm decreased its portfolio allocation in PGR by 27.94% over the last quarter.

Bank Of America holds 19,224K shares representing 3.29% ownership of the company. In it’s prior filing, the firm reported owning 20,919K shares, representing a decrease of 8.82%. The firm decreased its portfolio allocation in PGR by 74.78% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 17,454K shares representing 2.98% ownership of the company. In it’s prior filing, the firm reported owning 17,225K shares, representing an increase of 1.31%. The firm increased its portfolio allocation in PGR by 5.57% over the last quarter.

Massachusetts Financial Services holds 15,201K shares representing 2.60% ownership of the company. In it’s prior filing, the firm reported owning 15,497K shares, representing a decrease of 1.95%. The firm decreased its portfolio allocation in PGR by 84.40% over the last quarter.

Progressive Declares $0.10 Dividend

On December 14, 2022 the company declared a regular quarterly dividend of $0.10 per share ($0.40 annualized). Shareholders of record as of January 5, 2023 received the payment on January 13, 2023. Previously, the company paid $0.10 per share.

At the current share price of $138.73 / share, the stock’s dividend yield is 0.29%. Looking back five years and taking a sample every week, the average dividend yield has been 3.01%, the lowest has been 0.29%, and the highest has been 5.69%. The standard deviation of yields is 1.36 (n=237).

The current dividend yield is 2.01 standard deviations below the historical average.

Additionally, the company’s dividend payout ratio is 0.32. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is -0.85%.

Progressive Background Information
(This description is provided by the company.)

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers. Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

This article originally appeared on Fintel

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