The Progressive Corporation $PGR Shares Purchased by AIA Group Ltd

AIA Group Ltd boosted its stake in The Progressive Corporation (NYSE:PGR) by 4.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 75,911 shares of the insurance provider’s stock after buying an additional 2,949 shares during the period. AIA Group Ltd’s holdings in Progressive were worth $18,746,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Davis Capital Management acquired a new stake in shares of Progressive during the third quarter valued at about $25,000. Ameriflex Group Inc. lifted its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the last quarter. Howard Hughes Medical Institute purchased a new position in shares of Progressive during the 2nd quarter worth approximately $34,000. TruNorth Capital Management LLC boosted its position in shares of Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares during the period. Finally, Richardson Financial Services Inc. increased its holdings in Progressive by 41.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock valued at $48,000 after purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Down 1.2%

PGR opened at $201.37 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The Progressive Corporation has a one year low of $197.92 and a one year high of $289.96. The company has a market cap of $117.99 billion, a P/E ratio of 10.47, a PEG ratio of 8.88 and a beta of 0.33. The business’s 50-day simple moving average is $206.46 and its 200-day simple moving average is $221.58.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio is currently 2.08%.

Insider Activity at Progressive

In related news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider directly owned 32,348 shares in the company, valued at $6,857,776. This trade represents a 9.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Carl G. Joyce sold 141 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $29,892.00. Following the completion of the sale, the chief accounting officer directly owned 828 shares of the company’s stock, valued at approximately $175,536. This trade represents a 14.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,761 shares of company stock valued at $2,659,420 in the last quarter. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of research analyst reports. Wells Fargo & Company cut their target price on Progressive from $220.00 to $214.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 19th. UBS Group dropped their price objective on Progressive from $226.00 to $218.00 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Jefferies Financial Group set a $216.00 price objective on Progressive in a report on Wednesday, February 11th. Argus raised Progressive to a “hold” rating in a research note on Thursday, March 5th. Finally, Mizuho set a $240.00 target price on Progressive in a report on Wednesday, January 14th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus price target of $240.94.

About Progressive

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.