The Progressive Corporation $PGR Stake Increased by Aberdeen Group plc

Aberdeen Group plc raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 477,997 shares of the insurance provider’s stock after acquiring an additional 6,273 shares during the quarter. Aberdeen Group plc owned approximately 0.08% of Progressive worth $117,322,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PGR. Berkshire Asset Management LLC PA lifted its position in shares of Progressive by 2.8% during the third quarter. Berkshire Asset Management LLC PA now owns 6,282 shares of the insurance provider’s stock worth $1,551,000 after purchasing an additional 174 shares during the last quarter. TCTC Holdings LLC lifted its holdings in Progressive by 1.9% during the 3rd quarter. TCTC Holdings LLC now owns 8,416 shares of the insurance provider’s stock worth $2,078,000 after buying an additional 157 shares during the last quarter. Naviter Wealth LLC grew its position in shares of Progressive by 6.1% in the 3rd quarter. Naviter Wealth LLC now owns 6,166 shares of the insurance provider’s stock worth $1,523,000 after acquiring an additional 356 shares in the last quarter. Cookson Peirce & Co. Inc. increased its holdings in shares of Progressive by 35.6% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 2,592 shares of the insurance provider’s stock valued at $640,000 after acquiring an additional 681 shares during the last quarter. Finally, Abich Financial Wealth Management LLC acquired a new stake in shares of Progressive during the 3rd quarter valued at approximately $124,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.5%

PGR opened at $204.43 on Friday. 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 company has a market capitalization of $119.88 billion, a PE ratio of 10.63, a P/E/G ratio of 7.16 and a beta of 0.32. The stock’s fifty day moving average is $214.98 and its 200-day moving average is $227.90. The Progressive Corporation has a one year low of $197.92 and a one year high of $292.99.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PGR shares. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $252.00 to $225.00 and set a “market perform” rating on the stock in a report on Friday, January 30th. Citigroup lowered their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. The Goldman Sachs Group set a $227.00 target price on Progressive in a research note on Wednesday, January 7th. UBS Group set a $226.00 price target on shares of Progressive in a report on Monday, February 2nd. Finally, Bank of America dropped their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a report on Tuesday, December 9th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $250.35.

Insiders Place Their Bets

In other Progressive news, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the sale, the executive owned 26,249 shares of the company’s stock, valued at $5,363,983.15. This trade represents a 10.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction dated Friday, November 28th. The shares were 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. This trade represents a 2.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 12,443 shares of company stock worth $2,723,061. 0.34% of the stock is owned by corporate insiders.

Progressive Company 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.