Commerzbank Aktiengesellschaft FI Invests $3.67 Million in The Progressive Corporation $PGR

Commerzbank Aktiengesellschaft FI bought a new stake in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 16,802 shares of the insurance provider’s stock, valued at approximately $3,670,000.

Several other hedge funds have also made changes to their positions in PGR. Brighton Jones LLC lifted its position in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the fourth quarter valued at approximately $269,000. Bison Wealth LLC increased its holdings in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares during the period. HUB Investment Partners LLC raised its stake in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its stake in Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Down 2.7%

Shares of PGR stock opened at $203.98 on Tuesday. The stock’s fifty day moving average price is $214.43 and its 200 day moving average price is $206.43. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The company has a market cap of $118.59 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm’s revenue was up 5.0% compared to the same quarter last year. During the same period last year, the business posted $5.40 earnings per share. On average, research analysts expect that The Progressive Corporation will post 17.57 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Analysts Set New Price Targets

PGR has been the topic of several recent research reports. Cantor Fitzgerald dropped their target price on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. BMO Capital Markets dropped their price objective 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. Finally, UBS Group lifted their target price on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $233.16.

Insider Transactions at Progressive

In related news, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares in the company, valued at $6,880,743.08. This trade represents a 20.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 82,224 shares of company stock worth $17,416,438 over the last ninety days. 0.32% of the stock is currently 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.