Assenagon Asset Management S.A. Buys 1,058 Shares of The Progressive Corporation $PGR

Assenagon Asset Management S.A. raised its position in shares of The Progressive Corporation (NYSE:PGR) by 4.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,343 shares of the insurance provider’s stock after purchasing an additional 1,058 shares during the period. Assenagon Asset Management S.A.’s holdings in Progressive were worth $7,297,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in PGR. Perpetual Ltd increased its holdings in Progressive by 6.4% in the 2nd quarter. Perpetual Ltd now owns 341,030 shares of the insurance provider’s stock worth $91,007,000 after acquiring an additional 20,383 shares during the last quarter. Kapstone Financial Advisors LLC increased its stake in shares of Progressive by 31.5% in the second quarter. Kapstone Financial Advisors LLC now owns 2,038 shares of the insurance provider’s stock worth $544,000 after purchasing an additional 488 shares in the last quarter. TCV Trust & Wealth Management Inc. raised its position in shares of Progressive by 10.8% in the second quarter. TCV Trust & Wealth Management Inc. now owns 1,017 shares of the insurance provider’s stock valued at $271,000 after purchasing an additional 99 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Progressive by 64.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 12,780 shares of the insurance provider’s stock valued at $3,410,000 after buying an additional 5,000 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its stake in shares of Progressive by 4.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 113,305 shares of the insurance provider’s stock valued at $30,237,000 after buying an additional 4,957 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 140,045 shares of company stock valued at $34,635,290 in the last three months. 0.33% of the stock is owned by corporate insiders.

Progressive Stock Performance

NYSE:PGR opened at $238.41 on Wednesday. The stock has a market cap of $139.76 billion, a P/E ratio of 13.43, a PEG ratio of 1.36 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The business’s 50-day moving average price is $245.63 and its two-hundred day moving average price is $262.78. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. During the same period in the prior year, the business earned $2.48 earnings per share. Progressive’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. 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 payout ratio is currently 2.25%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wells Fargo & Company reiterated an “equal weight” rating and issued a $265.00 price objective (down from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Morgan Stanley cut their price target on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a report on Monday. Evercore ISI lowered Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective on the stock. in a research note on Thursday, July 17th. Barclays cut their target price on Progressive from $287.00 to $281.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 19th. Finally, Bank of America reduced their target price on Progressive from $347.00 to $343.00 and set a “buy” rating for the company in a report on Thursday, September 18th. Six research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $279.31.

Progressive Company Profile

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.