The Progressive Corporation $PGR Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. reduced its stake in The Progressive Corporation by 6.3%, holding approximately 470,369 shares worth $123,236,000 after selling 31,644 shares in the first quarter.
• Other hedge funds, including Nuveen LLC and GQG Partners LLC, made significant adjustments to their positions in Progressive, with GQG Partners increasing its stake by 61.4%.
• Wall Street analysts have updated their price targets for Progressive, with BMO Capital Markets setting a new target of $279.00 while maintaining an "outperform" rating.

APG Asset Management N.V. lessened its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 6.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 470,369 shares of the insurance provider's stock after selling 31,644 shares during the quarter. APG Asset Management N.V. owned about 0.08% of Progressive worth $123,236,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PGR. Integrated Advisors Network LLC lifted its holdings in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after buying an additional 36 shares in the last quarter. Pines Wealth Management LLC raised its stake in shares of Progressive by 3.0% during the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after acquiring an additional 37 shares in the last quarter. Contravisory Investment Management Inc. raised its stake in shares of Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after acquiring an additional 38 shares in the last quarter. Beacon Financial Group raised its stake in shares of Progressive by 1.1% during the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after acquiring an additional 39 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC increased its stake in Progressive by 2.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after purchasing an additional 39 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PGR. Morgan Stanley upped their price target on shares of Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a research note on Friday. BMO Capital Markets lowered their price target on shares of Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a report on Thursday. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Bank of America decreased their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Finally, Citigroup started coverage on shares of Progressive in a report on Wednesday, August 13th. They set a "buy" rating and a $312.00 price objective on the stock. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and an average price target of $284.18.

Insider Buying and Selling

In other Progressive news, insider Karen Bailo sold 8,922 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the sale, the insider owned 32,346 shares of the company's stock, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the sale, the chief executive officer directly owned 506,945 shares in the company, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,351 shares of company stock valued at $29,757,446 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Progressive Stock Down 2.0%

Shares of NYSE PGR traded down $4.9490 during midday trading on Monday, hitting $244.2610. The company's stock had a trading volume of 2,226,035 shares, compared to its average volume of 3,177,513. The business's fifty day simple moving average is $250.95 and its two-hundred day simple moving average is $266.49. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The firm has a market capitalization of $143.19 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same quarter last year, the firm posted $2.48 earnings per share. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio is currently 2.25%.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.