Erste Asset Management GmbH Has $154.54 Million Stock Position in The Progressive Corporation $PGR

Erste Asset Management GmbH decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 18.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 632,246 shares of the insurance provider’s stock after selling 139,354 shares during the period. Progressive comprises 1.5% of Erste Asset Management GmbH’s holdings, making the stock its 8th largest holding. Erste Asset Management GmbH owned approximately 0.11% of Progressive worth $154,543,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Davis Capital Management acquired a new stake in shares of Progressive in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp acquired a new stake in Progressive in the second quarter valued at about $33,000. Howard Hughes Medical Institute acquired a new stake in Progressive in the second quarter valued at about $34,000. Westside Investment Management Inc. raised its stake in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares in the last quarter. Finally, TruNorth Capital Management LLC raised its stake in Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 135 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction on 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 sale, the insider directly owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the sale, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 9,103 shares of company stock valued at $1,883,924. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $211.60 on Friday. The firm has a market cap 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. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $292.99. The business’s 50 day moving average price is $210.77 and its two-hundred day moving average price is $225.62. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38.

Progressive Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PGR shares. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Morgan Stanley cut 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. BMO Capital Markets lowered their price target on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a report on Thursday, January 29th. Mizuho set a $240.00 price objective on Progressive in a report on Wednesday, January 14th. Finally, HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Six investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $244.71.

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.