Resona Asset Management Co. Ltd. Raises Holdings in The Progressive Corporation (NYSE:PGR)

Key Points

• Resona Asset Management Co. Ltd. has increased its holdings in The Progressive Corporation by 7.6%, owning a total of 217,830 shares valued at approximately $61.5 million.
• Institutional investors collectively now own 85.34% of Progressive's stock, with various firms, including State of Alaska Department of Revenue, significantly raising their stakes.
• Several analysts have recently adjusted their price targets for Progressive, with a consensus target price now at $283.94, reflecting mixed ratings among investment analysts.

Resona Asset Management Co. Ltd. grew its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 7.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 217,830 shares of the insurance provider's stock after purchasing an additional 15,302 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Progressive were worth $61,520,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Progressive in the first quarter valued at $1,473,180,000. GAMMA Investing LLC raised its stake in shares of Progressive by 39,285.0% in the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock valued at $862,059,000 after acquiring an additional 3,038,303 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after acquiring an additional 1,547,677 shares in the last quarter. C WorldWide Group Holding A S raised its stake in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after acquiring an additional 1,238,402 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock valued at $1,433,722,000 after acquiring an additional 915,643 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 506,945 shares in the company, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the company'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 sale, the chief financial officer owned 228,024 shares of the company's stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 104,250 shares of company stock worth $26,332,348 over the last quarter. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

NYSE:PGR traded up $2.00 during mid-day trading on Thursday, reaching $251.19. 4,574,102 shares of the stock were exchanged, compared to its average volume of 3,262,101. The company has a 50 day simple moving average of $254.36 and a 200-day simple moving average of $266.21. The stock has a market capitalization of $147.25 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.43 and a beta of 0.33. 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 Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.48 EPS. 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 disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is presently 2.25%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research note on Wednesday. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Morgan Stanley set a $265.00 target price on Progressive and gave the company an "equal weight" rating in a report on Monday. UBS Group dropped their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Finally, Citigroup initiated coverage on Progressive in a report on Wednesday. They issued a "buy" rating and a $312.00 target price on the stock. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of "Moderate Buy" and a consensus target price of $283.06.

Progressive Company 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.