MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Has $5.44 Million Position in The Progressive Corporation $PGR

Key Points

• MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in The Progressive Corporation by 303.2%, owning 20,388 shares valued at $5.44 million as of the latest SEC filing.
• In recent analyst ratings, Wells Fargo and UBS Group lowered their price targets for Progressive, while Jefferies Financial Group maintained a "buy" rating with a target of $287.
• The Progressive Corporation announced a quarterly dividend of $0.10 per share, representing an annualized yield of 0.2%, with the payment date set for October 10th.

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 303.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,388 shares of the insurance provider's stock after acquiring an additional 15,331 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in Progressive were worth $5,441,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PGR. Integrated Advisors Network LLC grew its holdings in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after purchasing an additional 36 shares during the last quarter. Rise Advisors LLC grew its holdings in shares of Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after purchasing an additional 36 shares during the last quarter. Pines Wealth Management LLC grew its holdings in shares of Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after purchasing an additional 37 shares during the last quarter. Contravisory Investment Management Inc. grew its holdings in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the last quarter. Finally, Beacon Financial Group boosted its holdings in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after acquiring an additional 39 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PGR. Wells Fargo & Company reiterated an "equal weight" rating and issued a $265.00 price target (down previously from $327.00) on shares of Progressive in a report on Thursday, September 18th. Bank of America reduced their target price on Progressive from $347.00 to $343.00 and set a "buy" rating on the stock in a report on Thursday, September 18th. Keefe, Bruyette & Woods raised their price target on Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research report on Thursday, September 18th. UBS Group dropped their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Finally, Jefferies Financial Group dropped their target price on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Six analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $279.31.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,045 shares of company stock valued at $34,635,290. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

Shares of PGR opened at $239.89 on Thursday. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The business has a 50-day simple moving average of $245.50 and a two-hundred day simple moving average of $262.62. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock has a market cap of $140.62 billion, a PE ratio of 13.51, a PEG ratio of 1.33 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.48 earnings per share. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) 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.

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