Resona Asset Management Co. Ltd. Purchases 8,586 Shares of The Progressive Corporation $PGR

Resona Asset Management Co. Ltd. raised its position in shares of The Progressive Corporation (NYSE:PGR) by 3.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 226,416 shares of the insurance provider’s stock after acquiring an additional 8,586 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Progressive were worth $60,327,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock valued at $15,289,037,000 after purchasing an additional 622,590 shares during the last quarter. GQG Partners LLC lifted its holdings in shares of Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after purchasing an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Progressive by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock valued at $1,805,642,000 after purchasing an additional 396,567 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Progressive during the first quarter valued at approximately $1,473,180,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the subject of several recent research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Progressive in a report on Friday, October 31st. Barclays lowered their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Finally, Wolfe Research initiated coverage on shares of Progressive in a report on Monday, September 15th. They set a “peer perform” rating for the company. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $267.96.

Progressive Price Performance

Shares of NYSE PGR opened at $209.14 on Thursday. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The firm has a market cap of $122.60 billion, a P/E ratio of 11.47, a PEG ratio of 1.19 and a beta of 0.29. The company has a 50 day moving average of $234.86 and a 200 day moving average of $252.72. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the previous year, the firm earned $3.58 earnings per share. As a group, research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were paid a dividend of $0.10 per share. The ex-dividend date was 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 2.19%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 58,500 shares of company stock worth $14,430,089. 0.34% of the stock is owned by corporate insiders.

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.