Danske Bank A S Purchases Shares of 624,650 The Progressive Corporation $PGR

Danske Bank A S acquired a new stake in The Progressive Corporation (NYSE:PGR) during the 3rd quarter, Holdings Channel reports. The firm acquired 624,650 shares of the insurance provider’s stock, valued at approximately $154,257,000.

A number of other hedge funds have also recently made changes to their positions in PGR. Davis Capital Management purchased a new stake in shares of Progressive during the third quarter worth about $25,000. Ameriflex Group Inc. lifted its holdings in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in Progressive in the 2nd quarter worth approximately $34,000. TruNorth Capital Management LLC boosted its stake in Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares during the period. Finally, Richardson Financial Services Inc. boosted its stake in Progressive by 41.0% in the 3rd quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock worth $48,000 after purchasing an additional 57 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.5%

Shares of PGR opened at $203.76 on Wednesday. The stock has a market capitalization of $119.39 billion, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 8.92 and a beta of 0.33. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $291.64. The business’s 50 day simple moving average is $206.62 and its 200-day simple moving average is $221.72. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s payout ratio is currently 2.08%.

Insider Activity at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Carl G. Joyce sold 141 shares of Progressive stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $29,892.00. Following the completion of the transaction, the chief accounting officer directly owned 828 shares of the company’s stock, valued at $175,536. The trade was a 14.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,761 shares of company stock valued at $2,659,420 over the last quarter. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PGR shares. UBS Group cut their price objective on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Roth Mkm set a $235.00 target price on shares of Progressive in a report on Thursday, February 19th. BMO Capital Markets dropped their target price on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research report on Wednesday, March 11th. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Finally, Barclays upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $257.00 to $265.00 in a research note on Thursday, January 8th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $241.94.

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.