Assenagon Asset Management S.A. Has $8.21 Million Stock Position in The Progressive Corporation $PGR

Assenagon Asset Management S.A. raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 17.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,042 shares of the insurance provider’s stock after buying an additional 5,468 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Progressive were worth $8,207,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC increased its stake in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the 4th quarter worth approximately $269,000. Bison Wealth LLC lifted its position in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the period. Inceptionr LLC grew its holdings in shares of Progressive by 100.5% during the 2nd quarter. Inceptionr LLC now owns 1,508 shares of the insurance provider’s stock worth $402,000 after purchasing an additional 756 shares in the last quarter. Finally, Groupama Asset Managment increased its position in shares of Progressive by 25.5% during the second quarter. Groupama Asset Managment now owns 15,520 shares of the insurance provider’s stock valued at $4,097,000 after purchasing an additional 3,152 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Down 2.2%

Shares of NYSE PGR opened at $198.41 on Friday. The stock has a market cap of $116.06 billion, a PE ratio of 10.31, a PEG ratio of 5.74 and a beta of 0.33. The business has a fifty day moving average of $205.72 and a two-hundred day moving average of $219.49. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $289.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35.

Progressive Announces Dividend

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

Insider Activity

In other news, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at $6,857,776. This trade represents a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 11,687 shares of company stock worth $2,413,044 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PGR shares. Morgan Stanley cut their target price on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research note on Wednesday, January 28th. Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday, March 18th. JPMorgan Chase & Co. dropped their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 price objective on shares of Progressive in a report on Monday, February 23rd. Finally, Roth Mkm set a $235.00 target price on shares of Progressive in a research note on Thursday, February 19th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $239.22.

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.