Baader Bank Aktiengesellschaft Has $748,000 Position in The Progressive Corporation $PGR

Key Points

• Baader Bank Aktiengesellschaft cut its Progressive stake by 61.1% in the first quarter, ending with 3,773 shares valued at about $748,000.
• Progressive reported that 85.34% of its stock is held by institutional investors and hedge funds, with several other funds also adding to or trimming positions during the quarter.
• Analysts are mixed on PGR: the stock has an average “Hold” rating and an average target price of $235.05, while insiders have recently sold shares, including director Jeffrey D. Kelly and insider Steven Broz.

Baader Bank Aktiengesellschaft lessened its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 61.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,773 shares of the insurance provider's stock after selling 5,914 shares during the period. Baader Bank Aktiengesellschaft's holdings in Progressive were worth $748,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Summit Asset Management LLC lifted its position in shares of Progressive by 1.6% during the 1st quarter. Summit Asset Management LLC now owns 5,947 shares of the insurance provider's stock valued at $1,179,000 after acquiring an additional 94 shares during the period. Bulldog Investors LLP increased its position in shares of Progressive by 37.5% in the first quarter. Bulldog Investors LLP now owns 11,000 shares of the insurance provider's stock worth $2,181,000 after purchasing an additional 3,000 shares during the period. Glenview Trust Co increased its position in shares of Progressive by 4.1% in the first quarter. Glenview Trust Co now owns 19,291 shares of the insurance provider's stock worth $3,824,000 after purchasing an additional 756 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in Progressive in the first quarter valued at about $90,000. Finally, Johnson Financial Group Inc. raised its stake in Progressive by 16.5% in the first quarter. Johnson Financial Group Inc. now owns 34,059 shares of the insurance provider's stock valued at $6,752,000 after purchasing an additional 4,833 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of PGR stock opened at $205.78 on Wednesday. The firm has a market capitalization of $120.25 billion, a price-to-earnings ratio of 10.32, a PEG ratio of 2.86 and a beta of 0.26. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The business's 50-day moving average price is $209.23 and its 200-day moving average price is $206.06. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive's payout ratio is 2.01%.

Insider Buying and Selling

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the firm's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider directly owned 27,511 shares in the company, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. 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. Insiders have sold a total of 15,230 shares of company stock valued at $3,165,817 over the last 90 days. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PGR. Weiss Ratings downgraded shares of Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. Wells Fargo & Company dropped 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. Evercore set a $240.00 price target on shares of Progressive in a report on Friday, July 10th. BMO Capital Markets reduced their price target on shares of Progressive from $220.00 to $205.00 and set a "market perform" rating on the stock in a research report on Thursday, July 16th. Finally, UBS Group lifted their price objective on shares of Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $235.05.

Progressive Company 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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