Raiffeisen Bank International AG Has $43.89 Million Holdings in The Progressive Corporation $PGR

Raiffeisen Bank International AG lifted its holdings in The Progressive Corporation (NYSE:PGR) by 4.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,854 shares of the insurance provider’s stock after acquiring an additional 8,741 shares during the quarter. Raiffeisen Bank International AG’s holdings in Progressive were worth $43,891,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after acquiring an additional 593,612 shares in the last quarter. State Street Corp raised its position in Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after purchasing an additional 78,374 shares during the last quarter. Capital International Investors raised its position in Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares during the last quarter. Capital Research Global Investors raised its position in Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. Finally, Norges Bank bought a new position in Progressive in the 4th quarter worth approximately $1,836,094,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider owned 28,668 shares of the company’s stock, valued at $5,733,600. The trade was a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 7,343 shares of company stock worth $1,470,355. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. Mizuho dropped their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research report on Friday, March 20th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Progressive in a research report on Friday, May 22nd. Roth Mkm set a $235.00 price objective on shares of Progressive in a research report on Thursday, February 19th. Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday, March 18th. Finally, Jefferies Financial Group dropped their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $238.11.

Progressive Stock Performance

Shares of Progressive stock opened at $202.41 on Friday. The firm has a fifty day moving average of $199.01 and a two-hundred day moving average of $208.09. The stock has a market capitalization of $118.27 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 5.92 and a beta of 0.28. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $269.84. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.37 EPS. As a group, equities research analysts predict that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

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.