The Progressive Corporation $PGR Position Increased by International Assets Investment Management LLC

Key Points

• International Assets Investment Management LLC increased its Progressive position by 329.3% in the third quarter, bringing its holdings to 24,521 shares valued at approximately $5.08 million. Institutional investors and hedge funds collectively own 85.34% of the company.
• Analyst sentiment remains mixed but leans toward Hold: nine analysts rate Progressive a Buy, 12 a Hold and two a Sell, with a consensus price target of $234.45.
• Progressive insiders sold 48,352 shares worth about $10.52 million over the past 90 days, while the company maintains a quarterly dividend of $0.10 per share, equivalent to a 0.2% yield.

International Assets Investment Management LLC grew its position in The Progressive Corporation (NYSE:PGR - Free Report) by 329.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,521 shares of the insurance provider's stock after acquiring an additional 18,809 shares during the period. International Assets Investment Management LLC's holdings in Progressive were worth $5,083,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PGR. BlackRock Inc. acquired a new stake in Progressive in the 2nd quarter valued at about $10,496,271,000. State Street Corp increased its position in Progressive by 2.5% during the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock worth $5,794,814,000 after buying an additional 656,249 shares during the last quarter. Bank of America Corp DE acquired a new position in Progressive during the second quarter worth approximately $2,682,342,000. GQG Partners LLC acquired a new position in Progressive during the second quarter worth approximately $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Progressive by 6.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider's stock valued at $1,482,010,000 after buying an additional 410,326 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PGR shares. Jefferies Financial Group reiterated a "hold" rating and set a $228.00 target price (up from $213.00) on shares of Progressive in a research note on Wednesday, August 19th. UBS Group reissued a "neutral" rating and set a $238.00 target price on shares of Progressive in a report on Monday, October 19th. Keefe, Bruyette & Woods dropped their price target on Progressive from $252.00 to $246.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. The Goldman Sachs Group raised their price target on Progressive from $233.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, October 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a research report on Monday, October 5th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $234.45.

Insider Buying and Selling

In other Progressive news, CEO Susan Griffith sold 37,338 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares of the company's stock, valued at $106,553,641. This represents a 7.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the transaction, the insider owned 42,567 shares in the company, valued at $8,908,847.43. The trade was a 14.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 48,352 shares of company stock valued at $10,524,258. Insiders own 0.32% of the company's stock.

Progressive Trading Down 0.0%

Shares of PGR stock opened at $231.20 on Monday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38. The company has a market capitalization of $134.41 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 2.67 and a beta of 0.25. The firm has a 50 day moving average price of $217.64 and a two-hundred day moving average price of $209.28. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.01%.

Progressive Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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