iA Global Asset Management Inc. Buys 13,252 Shares of The Progressive Corporation $PGR

iA Global Asset Management Inc. increased its stake in shares of The Progressive Corporation (NYSE:PGR) by 40.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,747 shares of the insurance provider’s stock after purchasing an additional 13,252 shares during the period. iA Global Asset Management Inc.’s holdings in Progressive were worth $9,069,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PGR. Norges Bank acquired a new position in Progressive in the fourth quarter valued at about $1,836,094,000. Capital International Investors grew its position in shares of Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after buying an additional 6,045,732 shares during the period. Wellington Management Group LLP increased its stake in shares of Progressive by 181.8% in the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after acquiring an additional 4,197,212 shares during the last quarter. Diamant Asset Management Inc. raised its position in shares of Progressive by 19,724.0% in the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after acquiring an additional 4,048,351 shares during the period. Finally, Capital Research Global Investors raised its position in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after acquiring an additional 2,314,864 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the sale, the insider owned 27,511 shares of the company’s stock, valued at $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 15,230 shares of company stock worth $3,165,817. Corporate insiders own 0.32% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $224.95 on Thursday. The company has a fifty day moving average price of $202.90 and a 200 day moving average price of $206.65. The firm has a market cap of $131.44 billion, a PE ratio of 11.44, a PEG ratio of 6.61 and a beta of 0.26. 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 1-year low of $189.20 and a 1-year high of $263.83.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $4.37 EPS. Research analysts predict that The Progressive Corporation will post 17.12 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on PGR shares. Mizuho decreased their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Wells Fargo & Company lowered shares of Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 target price on the stock. in a report on Monday. Evercore reissued a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. BMO Capital Markets restated a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a research report on Wednesday, May 20th. Finally, Keefe, Bruyette & Woods raised their price objective on Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a research note on Thursday, June 18th. Six research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and an average price target of $237.37.

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.