5,030,160 Shares in The Progressive Corporation $PGR Bought by Deutsche Bank AG

Key Points

• Deutsche Bank AG acquired 5.03 million Progressive shares during the second quarter, valued at approximately $1.10 billion and representing about 0.87% of the insurer. Institutional investors and hedge funds collectively own 85.34% of the company.
• Analysts maintain a consensus “Hold” rating on Progressive, with an average price target of $233.16; recent firms lowered targets and cited neutral or underweight views.
• Progressive’s latest quarterly results exceeded expectations, with earnings of $5.67 per share versus $4.64 estimated and revenue of $23.61 billion. The company also declared a quarterly dividend of $0.10 per share, equal to a 0.2% annualized yield.

Deutsche Bank AG acquired a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 5,030,160 shares of the insurance provider's stock, valued at approximately $1,098,838,000. Deutsche Bank AG owned approximately 0.87% of Progressive at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC increased its holdings in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after purchasing an additional 87 shares in the last quarter. Bard Associates Inc. bought a new stake in shares of Progressive in the fourth quarter valued at about $27,000. HHM Wealth Advisors LLC boosted its position in shares of Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after buying an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive during the fourth quarter worth about $29,000. Finally, Axiom Investment Management LLC bought a new position in shares of Progressive during the first quarter worth about $31,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Weiss Ratings restated a "hold (c)" rating on shares of Progressive in a research note on Monday, August 3rd. Mizuho set a $236.00 price objective on shares of Progressive in a report on Wednesday, August 5th. Cantor Fitzgerald cut their price objective on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research report on Monday. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $231.00 to $226.00 and set a "market perform" rating for the company in a report on Thursday, July 16th. Finally, Wells Fargo & Company decreased their target price on shares of Progressive from $205.00 to $198.00 and set an "underweight" rating for the company in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $233.16.

Progressive Stock Performance

Shares of NYSE PGR opened at $203.98 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a 50 day moving average price of $214.43 and a 200 day moving average price of $206.43. The stock has a market capitalization of $118.59 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the previous year, the firm earned $5.40 EPS. The business's quarterly revenue was up 5.0% on a year-over-year basis. Analysts predict that The Progressive Corporation will post 17.57 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st 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, October 1st. Progressive's payout ratio is presently 2.01%.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 8,124 shares of Progressive stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares of the company's stock, valued at $8,782,595.70. This trade represents a 16.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the business's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the transaction, the chief executive officer owned 522,776 shares in the company, valued at $111,199,682.96. This represents a 6.67% 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. Insiders sold 82,224 shares of company stock valued at $17,416,438 in the last 90 days. Company insiders own 0.32% of the company's stock.

Progressive Profile

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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