The Progressive Corporation $PGR Holdings Raised by Fisher Funds Management LTD

Fisher Funds Management LTD grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 32.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 110,245 shares of the insurance provider’s stock after purchasing an additional 27,240 shares during the period. Fisher Funds Management LTD’s holdings in Progressive were worth $27,225,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PGR. Norges Bank acquired a new position in Progressive during the 2nd quarter valued at approximately $2,156,939,000. Alliancebernstein L.P. lifted its stake in Progressive by 32.8% in the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after buying an additional 2,709,417 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Progressive by 0.9% during the second quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after acquiring an additional 493,332 shares during the period. Temasek Holdings Private Ltd acquired a new position in shares of Progressive during the second quarter valued at $117,057,000. Finally, First Trust Advisors LP grew its position in shares of Progressive by 154.3% during the second quarter. First Trust Advisors LP now owns 673,646 shares of the insurance provider’s stock worth $179,769,000 after acquiring an additional 408,779 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,034 shares of company stock valued at $2,047,481 in the last quarter. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Barclays raised Progressive from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $257.00 to $265.00 in a report on Thursday, January 8th. Citigroup cut their target price on Progressive from $301.38 to $300.60 and set a “buy” rating on the stock in a research note on Monday, December 15th. Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Raymond James Financial decreased their target price on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. Finally, Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $259.39.

Progressive Stock Performance

Shares of PGR opened at $202.35 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The firm’s 50 day moving average is $222.63 and its 200-day moving average is $233.40. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The stock has a market capitalization of $118.66 billion, a P/E ratio of 11.10, a P/E/G ratio of 1.23 and a beta of 0.34.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.19%.

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.