Swiss Life Asset Management Ltd Buys 26,628 Shares of The Progressive Corporation $PGR

Swiss Life Asset Management Ltd lifted its position in The Progressive Corporation (NYSE:PGR) by 12.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 240,599 shares of the insurance provider’s stock after buying an additional 26,628 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Progressive were worth $59,416,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PGR. Illinois Municipal Retirement Fund boosted its holdings in Progressive by 30.2% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after purchasing an additional 23,833 shares during the period. Allstate Corp increased its holdings in shares of Progressive by 1,614.1% in the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after purchasing an additional 20,338 shares during the period. Gateway Investment Advisers LLC increased its holdings in shares of Progressive by 91.7% in the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after purchasing an additional 5,600 shares during the period. Mather Group LLC. raised its position in shares of Progressive by 40.6% in the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after buying an additional 4,865 shares in the last quarter. Finally, Arkadios Wealth Advisors boosted its stake in Progressive by 471.3% during the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock valued at $5,556,000 after buying an additional 18,558 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 1.2%

NYSE PGR opened at $201.37 on Thursday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The stock’s 50-day simple moving average is $206.46 and its two-hundred day simple moving average is $221.58. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $289.96. The company has a market capitalization of $117.99 billion, a price-to-earnings ratio of 10.47, a PEG ratio of 8.88 and a beta of 0.33.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on PGR. Wells Fargo & Company reduced their target price on Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a research report on Thursday, February 19th. Jefferies Financial Group set a $216.00 price target on Progressive in a research report on Wednesday, February 11th. UBS Group cut their price objective on Progressive from $226.00 to $218.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. BMO Capital Markets decreased their price objective on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 11th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Seven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average target price of $240.94.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The shares were 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. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,761 shares of company stock worth $2,659,420 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

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.