Mirae Asset Global Investments Co. Ltd. Buys 216,370 Shares of The Progressive Corporation $PGR

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of The Progressive Corporation (NYSE:PGR) in the third quarter, HoldingsChannel reports. The firm bought 216,370 shares of the insurance provider’s stock, valued at approximately $44,856,000.

Several other hedge funds have also modified their holdings of PGR. BlackRock Inc. acquired a new stake in Progressive in the second quarter valued at $10,496,271,000. State Street Corp grew its stake 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 worth $5,794,814,000 after purchasing an additional 656,249 shares during the period. Bank of America Corp DE purchased a new position in shares of Progressive in the 2nd quarter valued at about $2,682,342,000. GQG Partners LLC purchased a new position in shares of Progressive in the 2nd quarter valued at about $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Progressive by 6.4% in 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 valued at $1,482,010,000 after purchasing an additional 410,326 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 0.0%

NYSE PGR opened at $231.20 on Monday. The business has a 50 day moving average price of $217.64 and a two-hundred day moving average price of $209.28. The stock has a market cap of $134.41 billion, a PE ratio of 11.64, a P/E/G ratio of 2.67 and a beta of 0.25. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $239.38. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

The company also recently disclosed 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. The ex-dividend date was Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.01%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PGR shares. Roth Capital restated a “buy” rating and issued a $245.00 price target (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a report on Thursday, October 15th. Keefe, Bruyette & Woods decreased their target price on Progressive from $252.00 to $246.00 and set an “outperform” rating on the stock in a research report on Thursday, October 15th. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $190.00 to $210.00 in a report on Friday, July 24th. Finally, Evercore set a $240.00 price target on Progressive in a research report on Friday, July 10th. Nine 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $234.45.

Insiders Place Their Bets

In other Progressive news, insider Lori Niederst sold 7,339 shares of Progressive stock in a transaction 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 completion of the transaction, the insider owned 42,567 shares of the company’s stock, valued at $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the sale, the insider owned 28,807 shares in the company, valued at approximately $6,433,179.24. This trade represents a 4.08% 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 have sold a total of 48,352 shares of company stock valued at $10,524,258 in the last quarter. Insiders own 0.32% of the company’s stock.

Progressive Company 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.