Raiffeisen Bank International AG Acquires 41,654 Shares of The Progressive Corporation $PGR

Raiffeisen Bank International AG lifted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 29.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 182,113 shares of the insurance provider’s stock after acquiring an additional 41,654 shares during the quarter. Raiffeisen Bank International AG’s holdings in Progressive were worth $44,508,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PGR. Davis Capital Management bought a new position in Progressive in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive during the 2nd quarter worth $33,000. Westside Investment Management Inc. boosted its holdings in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares during the last quarter. Howard Hughes Medical Institute purchased a new position in shares of Progressive in the 2nd quarter worth about $34,000. Finally, TruNorth Capital Management LLC grew its position in Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on PGR. BMO Capital Markets lowered their price objective on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a research report on Thursday, January 29th. JPMorgan Chase & Co. decreased their price target on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Evercore set a $230.00 price target on shares of Progressive in a report on Thursday. HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, The Goldman Sachs Group set a $227.00 target price on Progressive in a research report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Progressive has an average rating of “Hold” and an average target price of $245.29.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the company’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 transaction of $634,506.75. Following the sale, the executive directly owned 26,249 shares in the company, valued at $5,363,983.15. This trade represents a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 11,098 shares of company stock worth $2,416,011 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Up 1.1%

PGR opened at $204.07 on Friday. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The company has a market cap of $119.67 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 8.82 and a beta of 0.32. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $212.67 and a 200 day moving average of $226.71.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a $0.10 dividend. The ex-dividend date was Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

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.