Robeco Institutional Asset Management B.V. Acquires 49,580 Shares of The Progressive Corporation $PGR

Robeco Institutional Asset Management B.V. grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 62.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 128,729 shares of the insurance provider’s stock after purchasing an additional 49,580 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Progressive were worth $26,687,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PGR. BlackRock Inc. acquired a new position in shares of Progressive in the 2nd quarter valued at about $10,496,271,000. State Street Corp grew its position in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after buying an additional 656,249 shares during the last quarter. Bank of America Corp DE acquired a new stake in Progressive during the second quarter worth about $2,682,342,000. GQG Partners LLC acquired a new stake in Progressive during the second quarter worth about $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Progressive by 6.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock worth $1,482,010,000 after acquiring an additional 410,326 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of Progressive stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the sale, the insider directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their position. 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 sold a total of 106,782 shares of company stock worth $22,965,332 over the last three months. Insiders own 0.32% of the company’s stock.

Progressive Stock Down 0.6%

Progressive stock opened at $228.14 on Friday. The company has a 50-day simple moving average of $216.15 and a 200-day simple moving average of $210.39. The firm has a market capitalization of $132.63 billion, a P/E ratio of 11.49, a P/E/G ratio of 2.75 and a beta of 0.25. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The Progressive Corporation has a one year low of $189.20 and a one year high of $239.38.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s payout ratio is presently 2.01%.

Analysts Set New Price Targets

PGR has been the subject of a number of research reports. HSBC restated a “hold” rating and issued a $216.00 target price (down from $221.00) on shares of Progressive in a research note on Wednesday, October 7th. Wells Fargo & Company lowered their target price on Progressive from $201.00 to $196.00 and set an “underweight” rating for the company in a report on Thursday, October 15th. UBS Group reiterated a “neutral” rating and set a $238.00 price target on shares of Progressive in a research report on Monday. Mizuho dropped their price target on Progressive from $236.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 16th. Finally, Barclays raised their price target on Progressive from $246.00 to $247.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $234.45.

Progressive Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.