The Progressive Corporation $PGR Shares Purchased by AIA Group Ltd

AIA Group Ltd increased its position in shares of The Progressive Corporation (NYSE:PGR) by 4.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 75,911 shares of the insurance provider’s stock after buying an additional 2,949 shares during the quarter. AIA Group Ltd’s holdings in Progressive were worth $18,746,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new position in shares of Progressive in the 3rd quarter valued at $25,000. Howard Hughes Medical Institute purchased a new stake in Progressive in the 2nd quarter valued at $34,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. TruNorth Capital Management LLC grew its position in Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares during the last quarter. Finally, Richardson Financial Services Inc. grew its position in Progressive by 41.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock worth $48,000 after purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of research reports. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Citigroup dropped their price target on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Finally, Evercore reiterated a “negative” rating on shares of Progressive in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $240.94.

Insiders Place Their Bets

In other 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction 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 transaction, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,761 shares of company stock valued at $2,659,420. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

PGR opened at $201.37 on Thursday. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $289.96. The stock has a market cap of $117.99 billion, a P/E ratio of 10.47, a P/E/G ratio of 8.88 and a beta of 0.33. The stock’s 50 day simple moving average is $206.46 and its 200 day simple moving average is $221.58. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is 2.08%.

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.