Impax Asset Management Group plc Trims Position in The Progressive Corporation $PGR

Impax Asset Management Group plc reduced its position in The Progressive Corporation (NYSE:PGR) by 3.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 229,039 shares of the insurance provider’s stock after selling 8,585 shares during the period. Impax Asset Management Group plc’s holdings in Progressive were worth $56,561,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Davis Capital Management acquired a new stake in shares of Progressive during the third quarter worth $25,000. Atlantic Union Bankshares Corp acquired a new stake in Progressive in the 2nd quarter worth about $33,000. Howard Hughes Medical Institute acquired a new stake in Progressive in the 2nd quarter worth about $34,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the period. Finally, TruNorth Capital Management LLC increased its stake in shares of Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 135 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 0.5%

Shares of NYSE PGR opened at $202.57 on Wednesday. The stock has a fifty day moving average price of $216.15 and a 200 day moving average price of $228.55. 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 cap of $118.79 billion, a P/E ratio of 10.53, a P/E/G ratio of 1.24 and a beta of 0.32.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Morgan Stanley decreased their target price on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Bank of America lowered their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research note on Tuesday, December 9th. HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Finally, Barclays raised Progressive from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $257.00 to $265.00 in a research report on Thursday, January 8th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $251.29.

Insider Buying and Selling

In related news, insider Andrew J. Quigg sold 1,649 shares of the business’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 $336,973.15. Following the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 12,443 shares of company stock valued at $2,723,061. Corporate insiders own 0.33% of the company’s stock.

Progressive 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.