16,802 Shares in The Progressive Corporation $PGR Purchased by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 16,802 shares of the insurance provider’s stock, valued at approximately $3,670,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PGR. Klingman & Associates LLC lifted its stake in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after purchasing an additional 48 shares during the period. Revisor Wealth Management LLC grew its stake in Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 50 shares during the period. Pines Wealth Management LLC raised its holdings in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its position in Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after buying an additional 52 shares during the period. Finally, Phillips Wealth Planners LLC lifted its position in Progressive by 2.8% during the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock valued at $436,000 after buying an additional 52 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Jo Murphy sold 8,124 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider owned 41,291 shares of the company’s stock, valued at $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 82,224 shares of company stock worth $17,416,438. Insiders own 0.32% of the company’s stock.

Progressive Trading Down 2.7%

Shares of PGR stock opened at $203.98 on Tuesday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The firm has a fifty day moving average price of $214.43 and a 200-day moving average price of $206.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market cap of $118.59 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.40 EPS. As a group, equities analysts predict that The Progressive Corporation will post 17.57 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio is 2.01%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PGR. Keefe, Bruyette & Woods cut their price objective 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. Mizuho set a $236.00 target price on shares of Progressive in a report on Wednesday, August 5th. William Blair reissued a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. HSBC upped their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Finally, Bank of America reduced their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $233.16.

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.