16,487 Shares in The Progressive Corporation $PGR Bought by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 16,487 shares of the insurance provider’s stock, valued at approximately $3,602,000.

Several other institutional investors also recently bought and sold shares of PGR. Brighton Jones LLC boosted its position in Progressive by 15.6% during the fourth 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 period. Revolve Wealth Partners LLC bought a new position in shares of Progressive in the fourth quarter valued at approximately $269,000. Bison Wealth LLC raised its position 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 purchasing an additional 80 shares during the period. HUB Investment Partners LLC lifted its stake in shares of Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC lifted its stake in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. This trade represents a 20.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of Progressive stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $219.40, for a total value of $268,765.00. Following the sale, the insider directly owned 31,257 shares in the company, valued at $6,857,785.80. The trade was a 3.77% 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. Insiders sold 83,449 shares of company stock valued at $17,685,203 over the last quarter. Company insiders own 0.32% of the company’s stock.

Progressive Trading Up 2.1%

Shares of Progressive stock opened at $223.87 on Tuesday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $249.83. The company’s fifty day simple moving average is $215.94 and its 200-day simple moving average is $206.82. The company has a market cap of $130.15 billion, a price-to-earnings ratio of 11.23, a PEG ratio of 2.93 and a beta of 0.27. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. During the same period in the prior year, the company earned $5.40 EPS. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, sell-side analysts expect that The Progressive Corporation will post 17.71 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Mizuho set a $236.00 target price on shares of Progressive in a research report on Wednesday, August 5th. Weiss Ratings restated a “hold (c)” rating on shares of Progressive in a report on Monday, August 3rd. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Finally, William Blair reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Seven 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 stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus target price of $236.05.

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.