Madison Asset Management LLC Reduces Holdings in The Progressive Corporation $PGR

Madison Asset Management LLC cut its position in The Progressive Corporation (NYSE:PGR) by 3.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 397,440 shares of the insurance provider’s stock after selling 15,168 shares during the quarter. Madison Asset Management LLC owned 0.07% of Progressive worth $98,148,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new position in shares of Progressive in the third quarter worth about $25,000. Atlantic Union Bankshares Corp purchased a new stake in Progressive during the 2nd quarter worth approximately $33,000. Howard Hughes Medical Institute acquired a new position in shares of Progressive in the 2nd quarter valued at approximately $34,000. Westside Investment Management Inc. boosted its stake in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the last quarter. Finally, TruNorth Capital Management LLC boosted its stake 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 valued at $41,000 after buying an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $257.00 to $265.00 in a report on Thursday, January 8th. Bank of America cut their target price on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. UBS Group set a $226.00 price target on shares of Progressive in a research report on Monday, February 2nd. Jefferies Financial Group reissued a “hold” rating on shares of Progressive in a report on Wednesday, December 17th. Finally, The Goldman Sachs Group set a $227.00 price objective on Progressive in a research note on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $251.29.

Progressive Stock Performance

Shares of PGR opened at $202.57 on Wednesday. The firm has a fifty day moving average of $216.15 and a 200-day moving average of $228.55. The company has a market cap of $118.79 billion, a price-to-earnings ratio of 10.53, a price-to-earnings-growth ratio of 1.24 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were 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 was Friday, January 2nd. Progressive’s payout ratio is 2.08%.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $634,506.75. Following the transaction, the executive directly owned 26,249 shares in the company, valued at $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 12,443 shares of company stock valued at $2,723,061. Corporate insiders own 0.33% of the company’s stock.

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.