Assenagon Asset Management S.A. Has $3.74 Million Position in The Progressive Co. (NYSE:PGR)

Assenagon Asset Management S.A. lowered its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 96.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 18,094 shares of the insurance provider's stock after selling 540,408 shares during the period. Assenagon Asset Management S.A.'s holdings in Progressive were worth $3,742,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Allworth Financial LP raised its position in Progressive by 1.0% in the third quarter. Allworth Financial LP now owns 10,320 shares of the insurance provider's stock worth $1,438,000 after purchasing an additional 106 shares in the last quarter. Banque Pictet & Cie SA raised its position in Progressive by 87.4% in the third quarter. Banque Pictet & Cie SA now owns 10,187 shares of the insurance provider's stock worth $1,419,000 after purchasing an additional 4,752 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Progressive by 12.5% in the third quarter. Nisa Investment Advisors LLC now owns 191,786 shares of the insurance provider's stock worth $26,716,000 after purchasing an additional 21,372 shares in the last quarter. FDx Advisors Inc. raised its position in Progressive by 23.5% in the third quarter. FDx Advisors Inc. now owns 8,949 shares of the insurance provider's stock worth $1,247,000 after purchasing an additional 1,701 shares in the last quarter. Finally, Gilbert & Cook Inc. increased its holdings in shares of Progressive by 10.3% during the third quarter. Gilbert & Cook Inc. now owns 2,705 shares of the insurance provider's stock worth $377,000 after buying an additional 252 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Down 1.1 %

PGR stock traded down $2.24 during midday trading on Monday, reaching $206.98. The company's stock had a trading volume of 2,172,471 shares, compared to its average volume of 2,578,418. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $217.77. The stock has a market cap of $121.23 billion, a PE ratio of 21.19, a price-to-earnings-growth ratio of 0.81 and a beta of 0.34. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The business's 50-day simple moving average is $208.57 and its 200-day simple moving average is $184.25.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the business posted $0.65 earnings per share. As a group, sell-side analysts expect that The Progressive Co. will post 11.53 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive's dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In related news, insider Steven Broz sold 7,361 shares of the firm's stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Devin C. Johnson sold 1,000 shares of the firm's stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 7,361 shares of the firm's stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the sale, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,500 shares of company stock worth $8,983,706. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PGR. Wells Fargo & Company dropped their price objective on shares of Progressive from $244.00 to $243.00 and set an "overweight" rating for the company in a report on Monday. Roth Mkm raised their price objective on shares of Progressive from $215.00 to $235.00 and gave the stock a "buy" rating in a report on Monday, March 18th. HSBC raised their price objective on shares of Progressive from $174.00 to $200.00 and gave the stock a "hold" rating in a report on Thursday, March 28th. Piper Sandler reaffirmed an "overweight" rating and set a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. Finally, Jefferies Financial Group increased their price target on shares of Progressive from $241.00 to $245.00 and gave the company a "buy" rating in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $215.19.

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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