American Century Companies Inc. Cuts Stock Position in The Progressive Corporation $PGR

American Century Companies Inc. cut its stake in The Progressive Corporation (NYSE:PGR) by 8.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,403,834 shares of the insurance provider’s stock after selling 134,428 shares during the period. American Century Companies Inc. owned about 0.24% of Progressive worth $346,677,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PGR. Illinois Municipal Retirement Fund grew its stake in Progressive by 30.2% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after acquiring an additional 23,833 shares during the period. Allstate Corp grew its position in shares of Progressive by 1,614.1% in the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock valued at $5,334,000 after purchasing an additional 20,338 shares during the period. Gateway Investment Advisers LLC grew its position in shares of Progressive by 91.7% in the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock valued at $2,892,000 after purchasing an additional 5,600 shares during the period. Mather Group LLC. increased its stake in Progressive by 40.6% in the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock valued at $4,159,000 after purchasing an additional 4,865 shares during the last quarter. Finally, Arkadios Wealth Advisors lifted its position in Progressive by 471.3% during the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock worth $5,556,000 after buying an additional 18,558 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Up 0.7%

Shares of Progressive stock opened at $213.11 on Friday. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The company has a market capitalization of $124.97 billion, a PE ratio of 11.08, a P/E/G ratio of 9.25 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The business has a 50-day moving average of $210.55 and a 200-day moving average of $225.40.

Progressive Dividend Announcement

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

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. Jefferies Financial Group set a $216.00 price target on Progressive in a report on Wednesday, February 11th. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $257.00 to $265.00 in a research report on Thursday, January 8th. Roth Mkm set a $235.00 price target on shares of Progressive in a research report on Thursday, February 19th. Evercore set a $230.00 price target on shares of Progressive in a research note on Thursday, February 19th. Finally, William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Six analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and an average target price of $244.71.

Insider Activity at Progressive

In other news, insider Maribel Pumarejo sold 739 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the transaction, the executive 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 9,103 shares of company stock valued at $1,883,924. 0.34% of the stock is owned by insiders.

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.