Korea Investment CORP Has $101.13 Million Stock Holdings in The Progressive Corporation $PGR

Korea Investment CORP raised its holdings in The Progressive Corporation (NYSE:PGR) by 38.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 444,104 shares of the insurance provider’s stock after purchasing an additional 122,519 shares during the quarter. Korea Investment CORP owned 0.08% of Progressive worth $101,131,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Dagco Inc. acquired a new stake in shares of Progressive in the 4th quarter valued at $28,000. Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at $29,000. Entrust Financial LLC acquired a new stake in shares of Progressive during the 4th quarter valued at $33,000. Finally, Kingdom Financial Group LLC. acquired a new stake in shares of Progressive during the 4th quarter valued at $34,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. The trade was a 3.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 7,343 shares of company stock valued at $1,470,355 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of several recent research reports. Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. BMO Capital Markets reissued a “market perform” rating and set a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Morgan Stanley cut their price objective on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Weiss Ratings downgraded Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Finally, Jefferies Financial Group cut their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $238.11.

Progressive Trading Up 0.3%

NYSE PGR opened at $202.86 on Friday. The business has a 50 day simple moving average of $199.20 and a 200 day simple moving average of $208.05. The Progressive Corporation has a one year low of $189.20 and a one year high of $269.84. The stock has a market capitalization of $118.54 billion, a P/E ratio of 10.31, a P/E/G ratio of 5.86 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter last year, the firm posted $4.37 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. Research analysts expect that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

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.