Robeco Institutional Asset Management B.V. Has $20.38 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Robeco cut its stake in The Progressive Corporation by 70.1% in the 4th quarter and now holds 89,495 shares worth $20.38 million after selling 210,277 shares.
• Analyst sentiment is mixed with a consensus rating of Hold and a $237.50 consensus price target, while several firms (including Morgan Stanley) have recently trimmed targets or taken a more negative stance.
• Company insiders sold a total of 11,687 shares (~$2.41 million) over the past three months (insiders now own 0.32%), and Progressive pays a modest quarterly dividend of $0.10 (annualized yield ~0.2%).

Robeco Institutional Asset Management B.V. decreased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 70.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 89,495 shares of the insurance provider's stock after selling 210,277 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in Progressive were worth $20,380,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PGR. Brighton Jones LLC increased its position in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive during the 4th quarter worth approximately $269,000. Bison Wealth LLC increased its position in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC increased its position in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock worth $609,000 after purchasing an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC boosted its stake in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock worth $3,681,000 after acquiring an additional 1,622 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. The Goldman Sachs Group reiterated a "buy" rating and set a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Argus upgraded Progressive to a "hold" rating in a research note on Thursday, March 5th. Roth Mkm set a $235.00 target price on Progressive in a research note on Thursday, February 19th. Morgan Stanley reduced their target price on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a research note on Tuesday, March 31st. Finally, Jefferies Financial Group reduced their target price on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a research note on Tuesday, March 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $237.50.

Insiders Place Their Bets

In related news, CAO Carl G. Joyce sold 270 shares of the business's stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. The trade was a 32.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the business's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The SEC filing for this sale provides additional information. Insiders sold a total of 11,687 shares of company stock worth $2,413,044 over the last three months. 0.32% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

PGR opened at $196.57 on Wednesday. The business has a fifty day simple moving average of $203.59 and a 200 day simple moving average of $215.38. The company has a market capitalization of $114.99 billion, a PE ratio of 10.22, a price-to-earnings-growth ratio of 5.76 and a beta of 0.34. The Progressive Corporation has a 1 year low of $192.02 and a 1 year high of $289.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Thursday, April 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is 2.08%.

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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