Invesco LLC Buys 90 Shares of The Progressive Co. (NYSE:PGR)

Invesco LLC grew its stake in shares of The Progressive Co. (NYSE:PGR) by 2.2% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 4,275 shares of the insurance provider’s stock after acquiring an additional 90 shares during the quarter. Invesco LLC’s holdings in Progressive were worth $1,085,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PGR. Norden Group LLC bought a new stake in shares of Progressive during the 1st quarter valued at $987,000. Private Advisor Group LLC raised its holdings in shares of Progressive by 7.4% during the 1st quarter. Private Advisor Group LLC now owns 10,610 shares of the insurance provider’s stock worth $2,194,000 after buying an additional 727 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Progressive by 18.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 171,671 shares of the insurance provider’s stock worth $35,505,000 after buying an additional 26,202 shares in the last quarter. Family Firm Inc. acquired a new position in shares of Progressive during the 1st quarter worth $205,000. Finally, Tokio Marine Asset Management Co. Ltd. increased its holdings in Progressive by 13.4% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 15,673 shares of the insurance provider’s stock worth $3,241,000 after purchasing an additional 1,846 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock valued at $18,674,912 over the last three months. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR traded down $0.11 during trading hours on Friday, reaching $242.72. The stock had a trading volume of 3,237,950 shares, compared to its average volume of 2,470,169. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a 50 day simple moving average of $250.88 and a 200 day simple moving average of $226.66. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46. The stock has a market cap of $142.15 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 0.67 and a beta of 0.35.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is currently 2.91%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PGR. Barclays upped their target price on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company upped their price target on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. Morgan Stanley upped their target price on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Finally, Citigroup cut their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $263.19.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.