216,370 Shares of The Progressive Corporation $PGR Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments purchased 216,370 shares of Progressive worth approximately $44.9 million during the third quarter. Institutional investors own 85.34% of the insurer’s stock.
• Progressive shares opened at $231.20, near their 52-week high of $239.38, with a market capitalization of $134.4 billion. The company recently paid a quarterly dividend of $0.10 per share, yielding 0.2% annually.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $234.45. Insiders have sold 48,352 shares worth roughly $10.5 million over the past three months.

Mirae Asset Global Investments Co. Ltd. bought a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 216,370 shares of the insurance provider's stock, valued at approximately $44,856,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Progressive in the second quarter worth about $10,496,271,000. Bank of America Corp DE acquired a new position in Progressive during the second quarter worth about $2,682,342,000. GQG Partners LLC purchased a new stake in Progressive during the 2nd quarter valued at about $1,538,570,000. Deutsche Bank AG purchased a new stake in Progressive during the 2nd quarter valued at about $1,098,838,000. Finally, Jupiter Topco LLC acquired a new stake in Progressive in the 2nd quarter valued at about $935,172,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

NYSE:PGR opened at $231.20 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The stock has a market capitalization of $134.41 billion, a P/E ratio of 11.64, a PEG ratio of 2.67 and a beta of 0.25. The company has a 50 day moving average price of $217.64 and a 200 day moving average price of $209.28. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $239.38.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 1st. Progressive's dividend payout ratio (DPR) is presently 2.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Progressive from $241.00 to $250.00 and gave the company a "neutral" rating in a research report on Monday, October 5th. Wells Fargo & Company reduced their price objective on Progressive from $201.00 to $196.00 and set an "underweight" rating on the stock in a research report on Thursday, October 15th. Raymond James Financial reissued an "outperform" rating on shares of Progressive in a research note on Friday, October 16th. Piper Sandler upped their target price on Progressive from $241.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, August 20th. Finally, The Goldman Sachs Group upped their price objective on shares of Progressive from $233.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, October 1st. Nine equities 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. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $234.45.

Insider Activity

In related news, insider Steven Broz sold 1,225 shares of the business's stock in a transaction on Thursday, October 22nd. The shares were 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. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the transaction, the chief executive officer owned 485,438 shares in the company, valued at approximately $106,553,641. The trade was a 7.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 48,352 shares of company stock worth $10,524,258. Corporate insiders own 0.32% of the company's stock.

Progressive Company 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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