Groupe la Francaise lessened its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 26.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,528 shares of the insurance provider’s stock after selling 10,199 shares during the period. Groupe la Francaise’s holdings in Progressive were worth $5,655,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of PGR. Norges Bank acquired a new stake in shares of Progressive during the fourth quarter worth $1,836,094,000. Wellington Management Group LLP boosted its stake in Progressive by 181.8% in the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after purchasing an additional 4,197,212 shares during the period. Diamant Asset Management Inc. increased its holdings in Progressive by 19,724.0% during the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock worth $806,614,000 after purchasing an additional 4,048,351 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in Progressive during the 4th quarter worth about $353,906,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Progressive by 193.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock valued at $502,519,000 after purchasing an additional 1,454,111 shares during the period. 85.34% of the stock is owned by institutional investors.
Insider Buying and Selling
In related news, insider John Jo Murphy sold 8,124 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. This trade represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock worth $15,880,459 in the last 90 days. 0.32% of the stock is owned by corporate insiders.
Progressive Price Performance
Progressive Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were 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 was Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is 2.01%.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on the company. JPMorgan Chase & Co. restated a “neutral” rating and issued a $250.00 price target on shares of Progressive in a report on Tuesday, July 14th. BMO Capital Markets dropped their target price on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Evercore set a $240.00 target price on Progressive in a research note on Friday, July 10th. Keefe, Bruyette & Woods reduced their price target on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $236.11.
Check Out Our Latest Research Report on PGR
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.
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