20,553 The Progressive Corporation $PGR Shares Purchased by Bank Julius Baer & Co. Ltd Zurich

Key Points

• Institutional ownership increased: Bank Julius Baer raised its Progressive stake by 1.5% to 1.35 million shares, worth approximately $281.2 million. Institutional investors collectively own 85.34% of the company.
• Analyst outlook is mixed: Price targets range from $196 to $314, with nine Buy, twelve Hold, and two Sell ratings. The consensus rating is Hold, with an average target price of $234.45.
• Insiders have been selling: Company insiders sold 48,352 shares worth about $10.5 million over the last quarter, while Progressive paid a quarterly dividend of $0.10 per share.

Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,354,176 shares of the insurance provider's stock after buying an additional 20,553 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich owned approximately 0.23% of Progressive worth $281,237,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. lifted its position in Progressive by 3.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,536,149 shares of the insurance provider's stock worth $318,459,000 after acquiring an additional 54,722 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Progressive in the 3rd quarter worth about $44,856,000. Profund Advisors LLC raised its stake in Progressive by 10.8% during the third quarter. Profund Advisors LLC now owns 5,655 shares of the insurance provider's stock valued at $1,172,000 after buying an additional 550 shares in the last quarter. Vise Technologies Inc. boosted its stake in Progressive by 18.7% during the 3rd quarter. Vise Technologies Inc. now owns 30,590 shares of the insurance provider's stock valued at $6,342,000 after purchasing an additional 4,823 shares in the last quarter. Finally, Cidel Asset Management Inc. increased its position in Progressive by 10.8% in the 3rd quarter. Cidel Asset Management Inc. now owns 3,151 shares of the insurance provider's stock worth $653,000 after purchasing an additional 306 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Lori Niederst sold 7,339 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the transaction, the insider directly owned 42,567 shares of the company's stock, valued at $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the company's stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the transaction, the insider owned 28,807 shares in the company, valued at approximately $6,433,179.24. This represents a 4.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 48,352 shares of company stock valued at $10,524,258. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Bank of America raised their target price on Progressive from $302.00 to $314.00 in a report on Thursday, October 1st. Roth Capital reiterated a "buy" rating and issued a $245.00 price target (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. Wells Fargo & Company cut their price target on Progressive from $201.00 to $196.00 and set an "underweight" rating on the stock in a research report on Thursday, October 15th. JPMorgan Chase & Co. lifted their target price on Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a research report on Monday, October 5th. Finally, The Goldman Sachs Group increased their target price on Progressive from $233.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, October 1st. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $234.45.

Progressive Trading Down 0.0%

Shares of PGR opened at $231.20 on Monday. The stock has a market cap of $134.41 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 2.67 and a beta of 0.25. The firm's fifty day moving average is $217.64 and its two-hundred day moving average is $209.28. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is 2.01%.

Progressive Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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