Mufg Securities Americas Inc. Raises Position in The Progressive Corporation $PGR

Mufg Securities Americas Inc. lifted its position in shares of The Progressive Corporation (NYSE:PGR) by 21.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,808 shares of the insurance provider’s stock after acquiring an additional 2,816 shares during the period. Mufg Securities Americas Inc.’s holdings in Progressive were worth $3,904,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Davis Capital Management bought a new stake in shares of Progressive in the third quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new position in Progressive in the second quarter worth about $33,000. Westside Investment Management Inc. boosted its position in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the last quarter. Howard Hughes Medical Institute bought a new stake in shares of Progressive during the 2nd quarter valued at about $34,000. Finally, TruNorth Capital Management LLC lifted its stake 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 purchasing an additional 135 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Down 0.3%

Shares of PGR opened at $203.52 on Tuesday. The business’s 50 day moving average is $212.01 and its 200 day moving average is $226.15. 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 Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99. The company has a market capitalization of $119.34 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 8.92 and a beta of 0.32.

Progressive Announces Dividend

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

Insider Activity at Progressive

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were 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 approximately $5,363,983.15. This represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,098 shares of company stock worth $2,416,011 in the last three months. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Zacks Research lowered shares of Progressive from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Mizuho set a $240.00 price target on shares of Progressive in a research note on Wednesday, January 14th. Jefferies Financial Group set a $216.00 price objective on Progressive in a research note on Wednesday, February 11th. Bank of America lowered their target price on Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research report on Tuesday, December 9th. Finally, Citigroup reduced their price target on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Seven 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $244.71.

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.