Assetmark Inc. Has $25.66 Million Stock Holdings in The Progressive Corporation $PGR

Assetmark Inc. decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 14.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 103,901 shares of the insurance provider’s stock after selling 18,029 shares during the period. Assetmark Inc.’s holdings in Progressive were worth $25,658,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PGR. Vanguard Group Inc. boosted its holdings in Progressive by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after purchasing an additional 493,332 shares during the period. Geode Capital Management LLC increased its holdings in shares of Progressive by 2.0% during the second quarter. Geode Capital Management LLC now owns 15,513,188 shares of the insurance provider’s stock worth $4,128,055,000 after purchasing an additional 301,371 shares during the period. Alliancebernstein L.P. raised its position in shares of 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 in the last quarter. Norges Bank bought a new stake in shares of Progressive in the second quarter valued at approximately $2,156,939,000. Finally, Charles Schwab Investment Management Inc. grew its position in Progressive by 1.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 4,129,069 shares of the insurance provider’s stock worth $1,101,883,000 after buying an additional 42,909 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive directly owned 26,249 shares in the company, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the completion of the transaction, the insider owned 27,698 shares in the company, valued at $6,323,176.42. The trade was a 4.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,443 shares of company stock valued at $2,723,061 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PGR shares. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Morgan Stanley dropped their price target on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research note on Wednesday, January 28th. Evercore reduced their price objective on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a research note on Wednesday, January 7th. Bank of America dropped their target price on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research report on Tuesday, December 9th. Finally, Wells Fargo & Company reduced their price target on shares of Progressive from $240.00 to $220.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average target price of $250.35.

Progressive Stock Performance

Shares of PGR opened at $204.43 on Friday. The firm has a market capitalization of $119.88 billion, a P/E ratio of 10.63, a P/E/G ratio of 7.16 and a beta of 0.32. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. The stock has a 50 day moving average price of $214.98 and a two-hundred day moving average price of $227.90. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were issued a $0.10 dividend. The ex-dividend date 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 2.08%.

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.