Banco Santander S.A. Decreases Stock Holdings in The Progressive Corporation $PGR

Banco Santander S.A. lessened its stake in The Progressive Corporation (NYSE:PGR) by 9.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 79,065 shares of the insurance provider’s stock after selling 8,587 shares during the period. Banco Santander S.A.’s holdings in Progressive were worth $19,525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in PGR. Artisan Partners Limited Partnership raised its stake in shares of Progressive by 2.2% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,015,192 shares of the insurance provider’s stock worth $991,552,000 after acquiring an additional 84,656 shares in the last quarter. Close Asset Management Ltd grew its holdings in Progressive by 1.0% in the third quarter. Close Asset Management Ltd now owns 406,889 shares of the insurance provider’s stock worth $100,471,000 after purchasing an additional 4,037 shares during the last quarter. Diversify Wealth Management LLC increased its position in shares of Progressive by 7.9% during the third quarter. Diversify Wealth Management LLC now owns 16,342 shares of the insurance provider’s stock worth $4,036,000 after purchasing an additional 1,196 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Progressive by 7.5% during the 3rd quarter. Xponance Inc. now owns 119,588 shares of the insurance provider’s stock valued at $29,532,000 after purchasing an additional 8,313 shares during the last quarter. Finally, DNB Asset Management AS lifted its holdings in shares of Progressive by 3.7% during the 3rd quarter. DNB Asset Management AS now owns 115,599 shares of the insurance provider’s stock valued at $28,547,000 after purchasing an additional 4,099 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

NYSE:PGR opened at $211.60 on Friday. 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 52 week low of $197.92 and a 52 week high of $292.99. The stock’s 50-day moving average price is $210.77 and its 200-day moving average price is $225.62. The stock has a market capitalization of $124.08 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 8.94 and a beta of 0.32.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,103 shares of company stock valued at $1,883,924 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods upped their target price on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research report on Thursday, February 19th. BMO Capital Markets dropped their price target on Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a research note on Thursday, January 29th. Bank of America cut their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a report on Tuesday, December 9th. Morgan Stanley decreased their price objective on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research report on Wednesday, January 28th. Finally, Jefferies Financial Group set a $216.00 target price on shares of Progressive in a research report on Wednesday, February 11th. Six investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $244.71.

Progressive 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.