The Progressive Corporation $PGR Stake Lessened by Madison Asset Management LLC

Madison Asset Management LLC decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 3.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 397,440 shares of the insurance provider’s stock after selling 15,168 shares during the period. Madison Asset Management LLC’s holdings in Progressive were worth $98,148,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake 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 worth $14,548,217,000 after buying an additional 493,332 shares in the last quarter. Geode Capital Management LLC grew its holdings in Progressive by 2.0% during the second quarter. Geode Capital Management LLC now owns 15,513,188 shares of the insurance provider’s stock worth $4,128,055,000 after acquiring an additional 301,371 shares during the period. Alliancebernstein L.P. raised its position in Progressive by 32.8% in the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after acquiring an additional 2,709,417 shares in the last quarter. Norges Bank acquired a new stake in Progressive in the 2nd quarter valued at about $2,156,939,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Progressive by 1.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,129,069 shares of the insurance provider’s stock valued at $1,101,883,000 after acquiring an additional 42,909 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PGR shares. UBS Group set a $226.00 price objective on shares of Progressive in a research note on Monday, February 2nd. Jefferies Financial Group restated a “hold” rating on shares of Progressive in a research report on Wednesday, December 17th. Morgan Stanley dropped their price target on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a report on Wednesday, January 28th. Bank of America reduced their price objective on Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research note on Tuesday, December 9th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Seven research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $251.29.

Insider Activity at Progressive

In related news, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the sale, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the transaction, the insider owned 26,354 shares in the company, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 12,443 shares of company stock worth $2,723,061. Corporate insiders own 0.33% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $202.57 on Wednesday. The business’s 50-day moving average is $216.15 and its 200-day moving average is $228.55. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The company has a market capitalization of $118.79 billion, a price-to-earnings ratio of 10.53, a P/E/G ratio of 1.24 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99.

Progressive Announces Dividend

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

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.