Groupama Asset Managment Sells 3,960 Shares of The Progressive Corporation $PGR

Groupama Asset Managment reduced its position in The Progressive Corporation (NYSE:PGR) by 38.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,292 shares of the insurance provider’s stock after selling 3,960 shares during the period. Groupama Asset Managment’s holdings in Progressive were worth $1,247,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bogart Wealth LLC grew its holdings in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares in the last quarter. Bard Associates Inc. purchased a new stake in shares of Progressive during the 4th quarter worth approximately $27,000. HHM Wealth Advisors LLC boosted its position in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new position in shares of Progressive during the 4th quarter valued at approximately $29,000. Finally, Entrust Financial LLC purchased a new position in shares of Progressive in the fourth quarter valued at $33,000. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research report on Friday, May 22nd. UBS Group lifted their price objective on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Evercore set a $240.00 target price on shares of Progressive in a research report on Friday, July 10th. Finally, Mizuho increased their price target on shares of Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $236.11.

Insider Activity

In related news, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the sale, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock worth $15,880,459 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Progressive Stock Down 0.8%

Shares of NYSE PGR opened at $211.50 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The company has a market cap of $123.59 billion, a P/E ratio of 10.61, a PEG ratio of 2.86 and a beta of 0.26. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The firm has a 50-day simple moving average of $211.33 and a two-hundred day simple moving average of $206.05.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 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 was Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.01%.

About Progressive

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.