Aster Capital Management DIFC Ltd purchased a new stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 5,061 shares of the insurance provider’s stock, valued at approximately $1,152,000.
Other hedge funds have also recently made changes to their positions in the company. Allstate Corp grew its position in shares of Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after purchasing an additional 22,915 shares in the last quarter. Norges Bank bought a new stake in shares of Progressive during the 4th quarter worth $1,836,094,000. Mariner LLC lifted its holdings in shares of Progressive by 7.9% during the 3rd quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after acquiring an additional 47,248 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Progressive by 5.7% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock worth $411,506,000 after acquiring an additional 97,275 shares during the last quarter. Finally, Investment House LLC bought a new stake in shares of Progressive during the 4th quarter worth $8,447,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.
Progressive Stock Performance
Progressive stock opened at $203.40 on Tuesday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $118.85 billion, a PE ratio of 10.34, a P/E/G ratio of 5.89 and a beta of 0.28. The firm has a fifty day simple moving average of $199.37 and a two-hundred day simple moving average of $207.77. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $269.78.
Progressive Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is currently 2.03%.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. Mizuho dropped their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Roth Mkm set a $235.00 price objective on shares of Progressive in a report on Thursday, February 19th. BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Finally, Jefferies Financial Group dropped their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $238.11.
Read Our Latest Stock Analysis on Progressive
Insiders Place Their Bets
In other Progressive news, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,343 shares of company stock valued at $1,470,355 over the last three months. Insiders own 0.32% of the company’s stock.
Progressive 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.
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