The Progressive Corporation $PGR Stock Acquired by Asset Management One Co. Ltd.

Key Points

• Asset Management One increased its Progressive stake by 2.6% in the third quarter, bringing its holdings to 262,760 shares valued at approximately $54.5 million. Institutional investors collectively own 85.34% of the insurer.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $234.45. Recent firms adjusted price targets between $200 and $246.
• Progressive insiders sold 48,352 shares worth roughly $10.5 million over the last quarter under pre-arranged Rule 10b5-1 plans, while the company paid a quarterly dividend of $0.10 per share.

Asset Management One Co. Ltd. lifted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 2.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 262,760 shares of the insurance provider's stock after buying an additional 6,536 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Progressive were worth $54,473,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Progressive during the second quarter worth about $10,496,271,000. Bank of America Corp DE acquired a new stake in shares of Progressive during the 2nd quarter valued at approximately $2,682,342,000. GQG Partners LLC acquired a new stake in shares of Progressive during the 2nd quarter valued at approximately $1,538,570,000. Deutsche Bank AG purchased a new stake in shares of Progressive during the 2nd quarter worth approximately $1,098,838,000. Finally, Jupiter Topco LLC acquired a new stake in Progressive in the second quarter valued at $935,172,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on PGR shares. Mizuho decreased their price objective on Progressive from $236.00 to $230.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 16th. UBS Group restated a "neutral" rating and set a $238.00 price objective on shares of Progressive in a report on Monday, October 19th. Cantor Fitzgerald cut their price target on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a report on Monday, August 17th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $252.00 to $246.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. Finally, Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $234.45.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Griffith sold 37,338 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at $106,553,641. This represents a 7.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the transaction, the insider owned 28,807 shares in the company, valued at $6,433,179.24. This trade represents a 4.08% decrease in their ownership of the stock. 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 quarter, insiders sold 48,352 shares of company stock valued at $10,524,258. 0.32% of the stock is currently owned by corporate insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $225.52 on Thursday. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $239.38. The business has a 50 day moving average price of $217.17 and a two-hundred day moving average price of $209.13. The firm has a market cap of $131.11 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 2.74 and a beta of 0.25.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend 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 presently 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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