Raiffeisen Bank International AG Boosts Stake in The Progressive Corporation $PGR

Raiffeisen Bank International AG boosted its holdings in The Progressive Corporation (NYSE:PGR) by 29.7% during the third quarter, Holdings Channel.com reports. The fund owned 182,113 shares of the insurance provider’s stock after buying an additional 41,654 shares during the quarter. Raiffeisen Bank International AG’s holdings in Progressive were worth $44,508,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Davis Capital Management bought a new position in shares of Progressive in the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp bought a new stake in Progressive during the second quarter valued at approximately $33,000. Westside Investment Management Inc. grew its stake in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares in the last quarter. Howard Hughes Medical Institute bought a new position in shares of Progressive in the 2nd quarter worth $34,000. Finally, TruNorth Capital Management LLC increased its holdings in shares of Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after buying an additional 135 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on PGR shares. Citigroup dropped their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods lifted their price target on Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research note on Thursday. Wells Fargo & Company cut their price objective on Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a report on Thursday. Evercore set a $230.00 price objective on Progressive in a report on Thursday. Finally, JPMorgan Chase & Co. dropped their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, January 7th. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average price target of $245.29.

Progressive Stock Up 1.1%

PGR opened at $204.07 on Friday. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average price is $212.67 and its 200-day moving average price is $226.71. The company has a market cap of $119.67 billion, a P/E ratio of 10.61, a P/E/G ratio of 8.82 and a beta of 0.32.

Progressive Announces Dividend

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

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 1,649 shares of the 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 $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 represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of the firm’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 completion of the transaction, the executive owned 26,249 shares in the company, valued at $5,363,983.15. This represents a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 11,098 shares of company stock worth $2,416,011. Company insiders own 0.34% of the company’s stock.

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.