Raiffeisen Bank International AG Has $43.89 Million Stock Position in The Progressive Corporation $PGR

Raiffeisen Bank International AG grew its position in The Progressive Corporation (NYSE:PGR) by 4.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 190,854 shares of the insurance provider’s stock after acquiring an additional 8,741 shares during the period. Raiffeisen Bank International AG’s holdings in Progressive were worth $43,891,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Klingman & Associates LLC lifted its stake in shares of Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after buying an additional 48 shares in the last quarter. Revisor Wealth Management LLC lifted its position in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 50 shares during the period. Cullen Investment Group LTD. lifted its position in Progressive by 0.7% during the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after purchasing an additional 52 shares during the period. Pines Wealth Management LLC lifted its position in Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 52 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its holdings 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 last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $202.41 on Friday. The firm has a 50-day moving average price of $199.01 and a 200-day moving average price of $208.09. The firm has a market capitalization of $118.27 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 5.92 and a beta of 0.28. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $269.84.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business earned $4.37 EPS. The business’s revenue was up 6.5% on a year-over-year basis. As a group, equities research analysts forecast that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.03%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. UBS Group raised their target price on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a research note on Friday, May 22nd. Barclays set a $247.00 target price on shares of Progressive in a research note on Wednesday, March 18th. Finally, Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $238.11.

Insider Activity

In other news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the sale, the insider owned 28,668 shares in the company, valued at approximately $5,733,600. The trade was a 3.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 7,343 shares of company stock worth $1,470,355. 0.32% of the stock is currently owned by corporate 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.