Capital Research Global Investors Acquires 2,314,864 Shares of The Progressive Corporation $PGR

Capital Research Global Investors increased its stake in The Progressive Corporation (NYSE:PGR) by 26.1% during the third quarter, according to its most recent filing with the SEC. The fund owned 11,167,940 shares of the insurance provider’s stock after buying an additional 2,314,864 shares during the quarter. Capital Research Global Investors owned 1.90% of Progressive worth $2,757,905,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PGR. Brighton Jones LLC increased its stake in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in Progressive during the fourth quarter valued at $269,000. Bison Wealth LLC raised its stake in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares during the period. Atlantic Union Bankshares Corp purchased a new position in shares of Progressive during the 2nd quarter valued at $33,000. Finally, Wedbush Securities Inc. grew its stake in shares of Progressive by 17.9% during the 2nd quarter. Wedbush Securities Inc. now owns 3,735 shares of the insurance provider’s stock worth $997,000 after acquiring an additional 566 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 1.9%

Shares of NYSE PGR opened at $206.70 on Tuesday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average of $208.55 and a 200-day moving average of $223.48. The firm has a market capitalization of $121.10 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 9.19 and a beta of 0.33. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.08%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research reports. Morgan Stanley lowered their price objective on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 28th. Wells Fargo & Company dropped their price target on shares of Progressive from $220.00 to $214.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 19th. Roth Mkm set a $235.00 price objective on shares of Progressive in a research note on Thursday, February 19th. William Blair downgraded Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Finally, Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $245.50.

Insider Activity at Progressive

In other news, insider Karen Bailo sold 3,517 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,857,776. This represents a 9.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. The trade was a 4.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 12,761 shares of company stock worth $2,659,420 in the last three months. 0.33% of the stock is owned by insiders.

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.