Quantitative Investment Management LLC Reduces Stock Position in The Progressive Co. (NYSE:PGR)

Quantitative Investment Management LLC cut its stake in The Progressive Co. (NYSE:PGRGet Rating) by 92.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,295 shares of the insurance provider’s stock after selling 50,109 shares during the period. Quantitative Investment Management LLC’s holdings in Progressive were worth $489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Progressive by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 48,453,671 shares of the insurance provider’s stock worth $5,523,234,000 after buying an additional 1,250,492 shares during the last quarter. BlackRock Inc. lifted its holdings in Progressive by 3.1% during the 4th quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider’s stock worth $4,700,376,000 after buying an additional 1,393,588 shares during the last quarter. State Street Corp lifted its holdings in Progressive by 2.2% during the 4th quarter. State Street Corp now owns 27,182,740 shares of the insurance provider’s stock worth $2,790,308,000 after buying an additional 572,891 shares during the last quarter. Capital World Investors lifted its holdings in Progressive by 1.5% during the 4th quarter. Capital World Investors now owns 8,955,605 shares of the insurance provider’s stock worth $919,293,000 after buying an additional 134,593 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Progressive by 15.8% in the 4th quarter. Alliancebernstein L.P. now owns 8,824,278 shares of the insurance provider’s stock valued at $905,812,000 after purchasing an additional 1,205,937 shares during the last quarter. 85.05% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Andrew J. Quigg sold 3,180 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $126.43, for a total value of $402,047.40. Following the sale, the insider now owns 24,061 shares in the company, valued at approximately $3,042,032.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.37% of the stock is currently owned by insiders.

Progressive Stock Performance

NYSE PGR opened at $128.68 on Friday. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The business’s 50 day moving average is $119.67 and its two-hundred day moving average is $114.83. The Progressive Co. has a 12-month low of $89.35 and a 12-month high of $129.24. The stock has a market capitalization of $75.27 billion, a price-to-earnings ratio of 91.91, a PEG ratio of 1.57 and a beta of 0.42.

Progressive announced that its board has authorized a share repurchase program on Wednesday, May 18th that permits the company to repurchase 25,000,000 outstanding shares. This repurchase authorization permits the insurance provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.31%. The ex-dividend date is Thursday, October 6th. Progressive’s payout ratio is 28.57%.

Analyst Ratings Changes

Several analysts have recently weighed in on PGR shares. TheStreet downgraded Progressive from a “b” rating to a “c+” rating in a report on Friday, July 15th. Credit Suisse Group boosted their target price on Progressive from $124.00 to $127.00 and gave the company a “neutral” rating in a report on Thursday, August 18th. Barclays boosted their target price on Progressive from $90.00 to $106.00 and gave the company an “underweight” rating in a report on Thursday, August 18th. Evercore ISI set a $129.00 target price on Progressive in a report on Tuesday, July 19th. Finally, MKM Partners boosted their target price on Progressive from $135.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, August 18th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $118.08.

About Progressive

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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