The Progressive Corporation $PGR Stock Acquired by Vise Technologies Inc.

Vise Technologies Inc. raised its position in shares of The Progressive Corporation (NYSE:PGR) by 18.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 30,590 shares of the insurance provider’s stock after purchasing an additional 4,823 shares during the quarter. Vise Technologies Inc.’s holdings in Progressive were worth $6,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Progressive in the 2nd quarter worth approximately $10,496,271,000. Bank of America Corp DE purchased a new position in shares of Progressive in the second quarter worth approximately $2,682,342,000. GQG Partners LLC bought a new stake in Progressive during the second quarter valued at approximately $1,538,570,000. Deutsche Bank AG bought a new stake in Progressive during the second quarter valued at approximately $1,098,838,000. Finally, Jupiter Topco LLC bought a new stake in Progressive during the second quarter valued at approximately $935,172,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 1.3%

Progressive stock opened at $234.36 on Tuesday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38. The firm has a market capitalization of $136.25 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 2.61 and a beta of 0.25. The firm has a 50 day moving average of $217.94 and a 200 day moving average of $209.43. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.01%.

Insider Transactions at Progressive

In other news, insider Lori Niederst sold 7,339 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the transaction, the chief executive officer owned 485,438 shares in the company, valued at approximately $106,553,641. This trade represents a 7.14% 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. Insiders sold a total of 48,352 shares of company stock valued at $10,524,258 over the last three months. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PGR. JPMorgan Chase & Co. increased their price target on shares of Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, October 5th. Raymond James Financial reissued an “outperform” rating on shares of Progressive in a research report on Friday, October 16th. Bank of America upped their price objective on Progressive from $302.00 to $314.00 in a research note on Thursday, October 1st. The Goldman Sachs Group upped their price objective on Progressive from $233.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 1st. Finally, HSBC reaffirmed a “hold” rating and issued a $216.00 target price (down from $221.00) on shares of Progressive in a report on Wednesday, October 7th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Hold” and an average target price of $234.45.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.