C WorldWide Group Holding A S Lowers Position in The Progressive Corporation $PGR

C WorldWide Group Holding A S decreased its stake in shares of The Progressive Corporation (NYSE:PGR) by 15.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 900,081 shares of the insurance provider’s stock after selling 168,140 shares during the quarter. Progressive comprises about 3.4% of C WorldWide Group Holding A S’s portfolio, making the stock its 13th largest holding. C WorldWide Group Holding A S owned approximately 0.15% of Progressive worth $222,275,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of PGR. Davis Capital Management purchased a new position in shares of Progressive during the third quarter valued at about $25,000. Atlantic Union Bankshares Corp purchased a new position in Progressive during the 2nd quarter valued at approximately $33,000. Howard Hughes Medical Institute purchased a new position in Progressive during the 2nd quarter valued at approximately $34,000. Westside Investment Management Inc. increased its stake in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares during the last quarter. Finally, Richardson Financial Services Inc. raised its holdings in shares of Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 2.3%

Shares of NYSE:PGR opened at $205.58 on Thursday. The firm has a market capitalization of $120.55 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 1.24 and a beta of 0.32. The business has a 50 day simple moving average of $218.16 and a two-hundred day simple moving average of $229.91. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s payout ratio is currently 2.08%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Bank of America reduced their price target on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research report on Tuesday, December 9th. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Morgan Stanley decreased their target price on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. JPMorgan Chase & Co. dropped their price target on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, January 7th. Finally, Barclays raised Progressive from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $257.00 to $265.00 in a research note on Thursday, January 8th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $251.29.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider directly owned 39,626 shares in the company, valued at $8,097,573.10. This trade represents a 4.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 13,788 shares of company stock worth $3,018,961. Insiders own 0.34% of the company’s stock.

About Progressive

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.