The Progressive Corporation $PGR Shares Sold by Assetmark Inc.

Assetmark Inc. lowered its position in shares of The Progressive Corporation (NYSE:PGR) by 50.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,607 shares of the insurance provider’s stock after selling 49,677 shares during the quarter. Assetmark Inc.’s holdings in Progressive were worth $9,834,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in PGR. Vanguard Group Inc. increased its stake in shares of Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after acquiring an additional 593,612 shares during the period. State Street Corp lifted its position in Progressive by 0.3% in the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after purchasing an additional 78,374 shares during the period. Capital International Investors boosted its holdings in Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. GQG Partners LLC increased its position in Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares during the period. Finally, Norges Bank acquired a new position in Progressive during the 4th quarter worth approximately $1,836,094,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of several recent analyst reports. Jefferies Financial Group reduced their price target on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $250.00 price objective on shares of Progressive in a report on Tuesday, July 14th. HSBC increased their price objective on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. William Blair restated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Finally, Bank of America lowered their price target on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average price target of $235.05.

Progressive Stock Up 2.0%

PGR opened at $212.09 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The company has a market cap of $123.93 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 4.86 and a beta of 0.26. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The business’s fifty day moving average is $209.08 and its two-hundred day moving average is $206.22.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were given a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Insider Buying and Selling

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the transaction, the insider owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 15,230 shares of company stock worth $3,165,817 in the last three months. Corporate insiders own 0.32% of the company’s stock.

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.