The Progressive Corporation $PGR Stock Position Boosted by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 20.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,663,827 shares of the insurance provider’s stock after buying an additional 457,085 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.46% of Progressive worth $528,077,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after acquiring an additional 593,612 shares in the last quarter. State Street Corp boosted its position in shares of Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after purchasing an additional 78,374 shares in the last quarter. Capital International Investors boosted its position in shares of Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. GQG Partners LLC grew its stake in shares of Progressive by 11.7% in the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Progressive in the 4th quarter worth approximately $1,836,094,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 1.2%

Shares of NYSE:PGR opened at $207.06 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The company has a market cap of $120.99 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 2.75 and a beta of 0.26. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The firm has a 50 day simple moving average of $209.60 and a 200 day simple moving average of $205.86.

Progressive Dividend Announcement

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

Insider Activity

In other news, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction on 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 transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction on 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 transaction, the insider directly owned 41,290 shares in the company, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock worth $3,165,817 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PGR shares. Keefe, Bruyette & Woods cut their target price 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. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Bank of America dropped their price target on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. Finally, BMO Capital Markets cut their target price on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $235.05.

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.