Mn Services Vermogensbeheer B.V. Purchases 4,800 Shares of The Progressive Co. (NYSE:PGR)

Mn Services Vermogensbeheer B.V. lifted its position in shares of The Progressive Co. (NYSE:PGR) by 2.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 231,073 shares of the insurance provider’s stock after purchasing an additional 4,800 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Progressive were worth $55,367,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in shares of Progressive by 10.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 18,371 shares of the insurance provider’s stock worth $4,662,000 after purchasing an additional 1,789 shares in the last quarter. PFG Investments LLC purchased a new stake in shares of Progressive in the third quarter worth $244,000. Pallas Capital Advisors LLC increased its holdings in shares of Progressive by 121.3% during the third quarter. Pallas Capital Advisors LLC now owns 5,503 shares of the insurance provider’s stock valued at $1,359,000 after acquiring an additional 3,016 shares in the last quarter. abrdn plc raised its position in shares of Progressive by 5.7% in the 3rd quarter. abrdn plc now owns 392,382 shares of the insurance provider’s stock worth $99,000,000 after purchasing an additional 21,293 shares during the last quarter. Finally, Diversify Advisory Services LLC bought a new position in Progressive in the 3rd quarter worth about $235,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock worth $13,983,575 over the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

PGR opened at $273.13 on Thursday. The firm has a market cap of $160.00 billion, a P/E ratio of 18.97, a PEG ratio of 1.70 and a beta of 0.42. The Progressive Co. has a 1-year low of $186.94 and a 1-year high of $280.25. The company has a 50 day simple moving average of $248.63 and a two-hundred day simple moving average of $250.30. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Equities analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PGR shares. BMO Capital Markets decreased their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Morgan Stanley upped their price target on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average target price of $277.59.

Progressive Company 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.