Capital International Inc. CA Boosts Stake in The Progressive Corporation $PGR

Capital International Inc. CA boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 63.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 181,523 shares of the insurance provider’s stock after purchasing an additional 70,273 shares during the period. Capital International Inc. CA’s holdings in Progressive were worth $44,827,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PGR. Norges Bank purchased a new stake in Progressive during the 2nd quarter valued at approximately $2,156,939,000. Capital International Investors grew its stake in shares of Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Progressive by 32.8% in the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after purchasing an additional 2,709,417 shares during the period. Vanguard Group Inc. increased its holdings in shares of Progressive by 0.9% in the second quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after purchasing an additional 493,332 shares during the period. Finally, Temasek Holdings Private Ltd purchased a new stake in shares of Progressive during the second quarter worth approximately $117,057,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider directly owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Maribel Pumarejo sold 739 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,761 shares of company stock worth $2,659,420 over the last 90 days. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PGR shares. Mizuho set a $240.00 price objective on shares of Progressive in a research report on Wednesday, January 14th. Piper Sandler reissued an “overweight” rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. HSBC lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Roth Mkm set a $235.00 price target on shares of Progressive in a report on Thursday, February 19th. Finally, Keefe, Bruyette & Woods lifted their price target on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a report on Thursday, February 19th. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $245.50.

Progressive Stock Down 1.9%

PGR stock opened at $206.70 on Tuesday. The firm has a fifty day moving average price of $208.55 and a two-hundred day moving average price of $223.48. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The firm has a market cap of $121.10 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 9.19 and a beta of 0.33.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.08%.

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.