49,580 The Progressive Corporation $PGR Shares Bought by Robeco Institutional Asset Management B.V.

Key Points

• Robeco Institutional Asset Management increased its Progressive position by 62.6% in the third quarter, purchasing 49,580 shares and bringing its holdings to 128,729 shares valued at approximately $26.7 million. Institutional investors and hedge funds collectively own 85.34% of PGR.
• Progressive insiders sold 106,782 shares worth about $23.0 million over the past 90 days, including sales by CFO Andrew Quigg and insider Karen Bailo. Corporate insiders own just 0.32% of the company.
• Analyst sentiment remains mixed, with nine Buy, twelve Hold, and two Sell ratings; the consensus rating is Hold with a $234.45 average price target. The company also pays a quarterly dividend of $0.10 per share, equivalent to a 0.2% yield.

Robeco Institutional Asset Management B.V. grew its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 62.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 128,729 shares of the insurance provider's stock after purchasing an additional 49,580 shares during the period. Robeco Institutional Asset Management B.V.'s holdings in Progressive were worth $26,687,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PGR. BlackRock Inc. acquired a new stake in Progressive during the 2nd quarter valued at $10,496,271,000. State Street Corp lifted its holdings in Progressive by 2.5% in the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock worth $5,794,814,000 after buying an additional 656,249 shares in the last quarter. Bank of America Corp DE acquired a new position in Progressive in the 2nd quarter worth $2,682,342,000. GQG Partners LLC purchased a new position in Progressive in the 2nd quarter valued at about $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Progressive by 6.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider's stock valued at $1,482,010,000 after buying an additional 410,326 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In related news, CFO Andrew Quigg sold 3,499 shares of Progressive stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares in the company, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares of the company's stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 106,782 shares of company stock valued at $22,965,332. Corporate insiders own 0.32% of the company's stock.

Progressive Trading Down 0.6%

PGR opened at $228.14 on Friday. The stock has a market capitalization of $132.63 billion, a PE ratio of 11.49, a P/E/G ratio of 2.75 and a beta of 0.25. The firm's fifty day moving average price is $216.15 and its 200 day moving average price is $210.39. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders 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 dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.01%.

Analyst Ratings Changes

A number of analysts have recently issued reports on PGR shares. Morgan Stanley raised Progressive from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. William Blair reiterated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. TD Cowen reduced their price target on Progressive from $266.00 to $222.00 and set a "hold" rating for the company in a report on Wednesday, July 29th. Wells Fargo & Company lowered their price objective on Progressive from $201.00 to $196.00 and set an "underweight" rating for the company in a research note on Thursday, October 15th. Finally, Weiss Ratings upgraded Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $234.45.

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.