The Progressive Corporation $PGR Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc cut its stake in The Progressive Corporation (NYSE:PGR) by 3.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 229,039 shares of the insurance provider’s stock after selling 8,585 shares during the period. Impax Asset Management Group plc’s holdings in Progressive were worth $56,561,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Davis Capital Management bought a new position in shares of Progressive during the third quarter worth about $25,000. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive in the 2nd quarter worth approximately $33,000. Westside Investment Management Inc. increased its holdings in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares during the last quarter. Howard Hughes Medical Institute bought a new position in Progressive during the second quarter worth $34,000. Finally, TruNorth Capital Management LLC increased its stake in Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 135 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of a number of recent research reports. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $252.00 to $225.00 and set a “market perform” rating on the stock in a report on Friday, January 30th. JPMorgan Chase & Co. decreased their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. BMO Capital Markets lowered their target price on Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a report on Thursday, January 29th. Finally, Citigroup cut their price target on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Progressive has a consensus rating of “Hold” and a consensus price target of $251.29.

Insiders Place Their Bets

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the transaction, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the transaction, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 12,443 shares of company stock worth $2,723,061. Insiders own 0.33% of the company’s stock.

Progressive Stock Performance

PGR opened at $202.57 on Wednesday. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $216.15 and its 200-day moving average is $228.55. The stock has a market cap of $118.79 billion, a PE ratio of 10.53, a price-to-earnings-growth ratio of 1.24 and a beta of 0.32. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 2.08%.

Progressive 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.