The Progressive Corporation $PGR Stock Position Boosted by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. boosted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 5.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 101,576 shares of the insurance provider's stock after buying an additional 5,178 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Progressive were worth $27,107,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Highline Wealth Partners LLC grew its position in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its position in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after buying an additional 63 shares in the last quarter. HWG Holdings LP acquired a new stake in Progressive in the 1st quarter valued at about $28,000. Garde Capital Inc. acquired a new stake in Progressive in the 1st quarter valued at about $33,000. Finally, Ransom Advisory Ltd acquired a new stake in Progressive in the 1st quarter valued at about $35,000. Institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In other news, insider Steven Broz sold 1,345 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares of the company's stock, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock valued at $31,997,390 over the last ninety days. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PGR. Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a report on Monday, August 11th. BMO Capital Markets set a $252.00 price target on shares of Progressive in a report on Thursday, September 18th. Morgan Stanley cut their price target on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a report on Monday, September 22nd. Wolfe Research began coverage on shares of Progressive in a report on Monday, September 15th. They issued a "peer perform" rating for the company. Finally, Evercore ISI cut their price target on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, Progressive currently has a consensus rating of "Hold" and a consensus price target of $279.63.

Progressive Price Performance

NYSE PGR opened at $246.10 on Friday. The company has a 50 day simple moving average of $245.14 and a 200-day simple moving average of $260.84. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $144.27 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted 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 business had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm's revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.48 earnings per share. Equities research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio is 2.25%.

About Progressive

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.

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