Deutsche Bank AG Lowers Position in The Progressive Corporation $PGR

Deutsche Bank AG lessened its stake in The Progressive Corporation (NYSE:PGR) by 5.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,163,933 shares of the insurance provider’s stock after selling 298,140 shares during the period. Deutsche Bank AG’s holdings in Progressive were worth $1,175,931,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PGR. Brighton Jones LLC boosted its position in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive in the 4th quarter worth approximately $269,000. Bison Wealth LLC boosted its position in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC boosted its position in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC boosted its position in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. The trade was a 3.88% 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 7,343 shares of company stock valued at $1,470,355 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. UBS Group upped their price objective on Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research report on Monday, March 23rd. Bank of America reduced their target price on Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, May 20th. Evercore reaffirmed a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Wells Fargo & Company upped their target price on Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 21st. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 target price on shares of Progressive in a research note on Wednesday, May 20th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $238.11.

Progressive Stock Down 0.2%

NYSE PGR opened at $199.80 on Wednesday. The Progressive Corporation has a one year low of $189.20 and a one year high of $271.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The business has a fifty day moving average price of $198.87 and a 200 day moving average price of $208.42. The company has a market cap of $116.75 billion, a P/E ratio of 10.16, a P/E/G ratio of 5.80 and a beta of 0.28.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the prior year, the firm earned $4.37 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. Research analysts anticipate that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Announces Dividend

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

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.