Mirae Asset Global Investments Co. Ltd. Has $27.11 Million Position in The Progressive Corporation $PGR

Mirae Asset Global Investments Co. Ltd. increased its position in The Progressive Corporation (NYSE:PGR) by 5.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 101,576 shares of the insurance provider’s stock after buying an additional 5,178 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Progressive were worth $27,107,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Integrated Advisors Network LLC grew its holdings in Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after purchasing an additional 36 shares during the last quarter. Rise Advisors LLC grew its holdings in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 36 shares during the last quarter. Pines Wealth Management LLC grew its holdings in Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 37 shares during the last quarter. Beacon Financial Group grew its holdings in Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after purchasing an additional 39 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC grew its holdings in Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after purchasing an additional 39 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other news, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the sale, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at $117,194,933.16. This represents a 6.05% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,045 shares of company stock valued at $31,997,390. 0.34% of the stock is owned by insiders.

Progressive Stock Up 1.1%

PGR opened at $246.10 on Friday. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm’s fifty day moving average price is $245.14 and its two-hundred day moving average price is $260.84. The company has a market capitalization of $144.27 billion, a P/E ratio of 13.86, a P/E/G ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the previous year, the company earned $2.48 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. On average, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is currently 2.25%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Jefferies Financial Group lowered their price target on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Wells Fargo & Company reissued an “equal weight” rating and issued a $265.00 price objective (down from $327.00) on shares of Progressive in a research report on Thursday, September 18th. Morgan Stanley reduced their price objective on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research report on Monday, September 22nd. Keefe, Bruyette & Woods increased their price objective on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research report on Thursday, September 18th. Finally, Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $279.63.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.