Mitsubishi UFJ Asset Management Co. Ltd. Purchases 66,343 Shares of The Progressive Corporation $PGR

Key Points

• Mitsubishi UFJ Asset Management increased its stake in The Progressive Corporation by 66,343 shares (a 5.7% rise) to 1,240,466 shares, representing about 0.21% of the company and valued at roughly $263.13 million at quarter-end.
• Progressive reported $4.80 EPS for the quarter (above the $4.67 estimate) but missed on revenue at $22.19 billion versus $23.51 billion expected; the stock has a market cap of about $115.7 billion and an average analyst rating of "Hold" with a mean target of $238.39.
• Company insiders sold a total of 6,933 shares in the last quarter (about $1.44 million), leaving insiders with 0.32% ownership while institutional investors hold 85.34% of the stock.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 5.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,240,466 shares of the insurance provider's stock after purchasing an additional 66,343 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.21% of Progressive worth $263,128,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PGR. Dagco Inc. bought a new position in shares of Progressive in the fourth quarter worth about $28,000. Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after purchasing an additional 65 shares during the last quarter. Bangor Savings Bank grew its holdings in shares of Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after purchasing an additional 58 shares during the last quarter. Riverview Trust Co grew its holdings in shares of Progressive by 48.6% in the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock worth $37,000 after purchasing an additional 53 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Progressive by 833.3% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider's stock worth $38,000 after purchasing an additional 150 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.7%

PGR stock opened at $197.75 on Wednesday. The firm has a 50 day moving average of $203.05 and a 200 day moving average of $211.81. The stock has a market capitalization of $115.68 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 6.57 and a beta of 0.31. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 52 week low of $192.02 and a 52 week high of $289.96.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive's revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the business earned $4.37 EPS. Sell-side analysts forecast that The Progressive Corporation will post 16.38 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.03%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. BMO Capital Markets upped their price target on shares of Progressive from $208.00 to $221.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Piper Sandler reiterated an "overweight" rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Barclays set a $247.00 target price on shares of Progressive in a report on Wednesday, March 18th. Finally, Roth Mkm set a $235.00 target price on shares of Progressive in a report on Thursday, February 19th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two 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 $238.39.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 3,517 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider directly owned 32,348 shares of the company's stock, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the transaction, the executive directly owned 26,250 shares of the company's stock, valued at $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is owned by corporate insiders.

About Progressive

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.

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.