The Progressive Corporation $PGR Shares Sold by Assetmark Inc.

Assetmark Inc. lessened its holdings in The Progressive Corporation (NYSE:PGR) by 50.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,607 shares of the insurance provider’s stock after selling 49,677 shares during the quarter. Assetmark Inc.’s holdings in Progressive were worth $9,834,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Allstate Corp raised its position in shares of Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after acquiring an additional 22,915 shares in the last quarter. Norges Bank acquired a new position in Progressive in the fourth quarter valued at approximately $1,836,094,000. Investment House LLC acquired a new position in Progressive in the fourth quarter valued at approximately $8,447,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Progressive by 5.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock valued at $411,506,000 after purchasing an additional 97,275 shares during the last quarter. Finally, Van Cleef Asset Management Inc raised its holdings in Progressive by 1.2% during the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock worth $173,429,000 after purchasing an additional 9,017 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the sale, the director owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 15,230 shares of company stock valued at $3,165,817. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PGR. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research report on Friday, May 22nd. HSBC increased their target price on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Jefferies Financial Group reduced their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $250.00 price objective on shares of Progressive in a report on Tuesday, July 14th. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus target price of $235.05.

Progressive Price Performance

PGR stock opened at $212.09 on Tuesday. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $123.93 billion, a P/E ratio of 10.64, a PEG ratio of 4.86 and a beta of 0.26. The business has a 50 day simple moving average of $209.08 and a 200-day simple moving average of $206.22. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.

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.