Candriam S.C.A. Has $86.14 Million Stock Position in The Progressive Corporation $PGR

Candriam S.C.A. boosted its stake in The Progressive Corporation (NYSE:PGR) by 6.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 348,804 shares of the insurance provider’s stock after purchasing an additional 19,849 shares during the quarter. Candriam S.C.A.’s holdings in Progressive were worth $86,137,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of PGR. Norges Bank acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $2,156,939,000. Alliancebernstein L.P. lifted its stake in Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after purchasing an additional 2,709,417 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Progressive by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after purchasing an additional 493,332 shares in the last quarter. Temasek Holdings Private Ltd bought a new position in shares of Progressive in the 2nd quarter valued at $117,057,000. Finally, First Trust Advisors LP raised its holdings in shares of Progressive by 154.3% during the 2nd quarter. First Trust Advisors LP now owns 673,646 shares of the insurance provider’s stock worth $179,769,000 after buying an additional 408,779 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the transaction, the insider directly owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. This represents a 4.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider directly owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This trade represents a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 13,788 shares of company stock worth $3,018,961 over the last quarter. Company insiders own 0.33% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $202.41 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99. The company has a fifty day moving average of $217.20 and a 200-day moving average of $229.21. The firm has a market capitalization of $118.69 billion, a P/E ratio of 10.52, a P/E/G ratio of 1.25 and a beta of 0.33.

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods decreased their target price on Progressive from $252.00 to $225.00 and set a “market perform” rating on the stock in a research report on Friday, January 30th. Citigroup decreased their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Evercore dropped their price objective on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a research note on Wednesday, January 7th. Mizuho set a $240.00 target price on shares of Progressive in a research note on Wednesday, January 14th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Progressive in a report on Wednesday, December 17th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $251.29.

Progressive Company 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.