AEGON ASSET MANAGEMENT UK Plc Has $57.13 Million Position in The Progressive Co. (NYSE:PGR)

AEGON ASSET MANAGEMENT UK Plc lifted its stake in The Progressive Co. (NYSE:PGR) by 40.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 238,250 shares of the insurance provider’s stock after buying an additional 68,589 shares during the period. AEGON ASSET MANAGEMENT UK Plc’s holdings in Progressive were worth $57,132,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management bought a new position in Progressive during the third quarter worth about $25,000. DiNuzzo Private Wealth Inc. raised its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares in the last quarter. Kimelman & Baird LLC bought a new position in shares of Progressive during the 2nd quarter worth approximately $36,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Progressive in the 3rd quarter valued at $49,000. Finally, Friedenthal Financial acquired a new stake in Progressive in the 3rd quarter valued at $49,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $114,691,485.60. This trade represents a 1.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,506 shares of company stock worth $10,531,159 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PGR. Jefferies Financial Group lifted their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Bank of America lifted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods decreased their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $274.65.

Progressive Stock Performance

Shares of NYSE:PGR opened at $238.58 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 1-year low of $175.50 and a 1-year high of $270.62. The stock has a market capitalization of $139.76 billion, a P/E ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41. The business has a 50-day moving average price of $248.27 and a two-hundred day moving average price of $243.31.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is 2.91%.

Progressive 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.