The Progressive Corporation $PGR Shares Sold by Baader Bank Aktiengesellschaft

Baader Bank Aktiengesellschaft decreased its stake in The Progressive Corporation (NYSE:PGR) by 45.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,048 shares of the insurance provider’s stock after selling 14,794 shares during the quarter. Baader Bank Aktiengesellschaft’s holdings in Progressive were worth $4,428,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PGR. Norges Bank acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $2,156,939,000. Alliancebernstein L.P. boosted its holdings in Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after buying an additional 2,709,417 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Progressive by 0.9% during the second quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock worth $14,548,217,000 after buying an additional 493,332 shares in the last quarter. Temasek Holdings Private Ltd acquired a new stake in Progressive during the second quarter valued at $117,057,000. Finally, First Trust Advisors LP increased its holdings in Progressive by 154.3% in the second quarter. First Trust Advisors LP now owns 673,646 shares of the insurance provider’s stock valued at $179,769,000 after buying an additional 408,779 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 0.5%

Shares of PGR stock opened at $202.57 on Wednesday. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. The stock’s fifty day moving average is $216.15 and its two-hundred day moving average is $228.55. The firm has a market capitalization of $118.79 billion, a P/E ratio of 10.53, a PEG ratio of 1.24 and a beta of 0.32.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive directly owned 26,249 shares in the company, valued at $5,363,983.15. The trade was a 10.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider directly owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This represents a 4.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 12,443 shares of company stock valued at $2,723,061. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PGR shares. Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $257.00 to $265.00 in a research report on Thursday, January 8th. Evercore dropped their price objective on Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a report on Wednesday, January 7th. Raymond James Financial cut their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. Citigroup decreased their target price on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Finally, Bank of America cut their price target on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a report on Tuesday, December 9th. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $251.29.

About Progressive

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.