The Progressive Corporation $PGR Shares Purchased by Amundi

Key Points

• Amundi increased its Progressive stake by 6.6% in the first quarter, bringing its holdings to 1.56 million shares valued at approximately $309.7 million. Institutional investors collectively own 85.34% of the insurer.
• Progressive executives sold shares worth roughly $15.9 million over the past 90 days, including CEO Susan Patricia Griffith’s $7.94 million sale and CFO Andrew Quigg’s $770,000 sale. The transactions were conducted under pre-arranged Rule 10b5-1 plans.
• Progressive shares recently traded near $220.52, while analysts maintained a broadly neutral outlook with a consensus “Hold” rating and an average price target of $236.11. The company also paid a quarterly dividend of $0.10 per share, a yield of about 0.2%.

Amundi boosted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 6.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,562,422 shares of the insurance provider's stock after buying an additional 96,331 shares during the period. Amundi owned 0.27% of Progressive worth $309,735,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allstate Corp increased its position in shares of Progressive by 106.1% in the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider's stock worth $10,136,000 after acquiring an additional 22,915 shares in the last quarter. Norges Bank acquired a new stake in Progressive in the 4th quarter valued at $1,836,094,000. Investment House LLC purchased a new position in Progressive in the fourth quarter valued at about $8,447,000. Sumitomo Mitsui Trust Group Inc. raised its position in Progressive by 5.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider's stock valued at $411,506,000 after purchasing an additional 97,275 shares during the period. Finally, Van Cleef Asset Management Inc lifted its stake in shares of Progressive by 1.2% during the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider's stock worth $173,429,000 after purchasing an additional 9,017 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 37,338 shares of the firm's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the sale, the chief executive officer directly owned 522,776 shares in the company, valued at approximately $111,199,682.96. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the transaction, the chief financial officer directly owned 42,595 shares of the company's stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 74,885 shares of company stock worth $15,880,459. 0.32% of the stock is owned by company insiders.

Progressive Trading Up 0.5%

Progressive stock opened at $220.52 on Thursday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The firm's 50-day moving average is $210.81 and its 200-day moving average is $206.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The company has a market cap of $128.86 billion, a P/E ratio of 11.06, a PEG ratio of 2.96 and a beta of 0.26.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is 2.01%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Weiss Ratings cut Progressive from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. Mizuho raised their price target on shares of Progressive from $217.00 to $243.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $250.00 price target on shares of Progressive in a research note on Tuesday, July 14th. Bank of America decreased their price objective on shares of Progressive from $313.00 to $308.00 and set a "buy" rating for the company in a research report on Thursday, July 16th. Finally, UBS Group upped their target price on Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a research report on Tuesday, June 30th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $236.11.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
• Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
• Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
• Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
• Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source