Munich Reinsurance Co Stock Corp in Munich Buys Shares of 18,323 The Progressive Corporation $PGR

Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of The Progressive Corporation (NYSE:PGR) during the 3rd quarter, Holdings Channel reports. The fund bought 18,323 shares of the insurance provider’s stock, valued at approximately $4,525,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Davis Capital Management purchased a new stake in Progressive during the third quarter worth about $25,000. Ameriflex Group Inc. increased its holdings in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in Progressive in the second quarter valued at about $33,000. Howard Hughes Medical Institute acquired a new stake in shares of Progressive during the 2nd quarter valued at approximately $34,000. Finally, TruNorth Capital Management LLC boosted its stake in shares of Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 135 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of NYSE:PGR opened at $210.92 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.35. The business’s fifty day moving average price is $208.98 and its two-hundred day moving average price is $223.98. The stock has a market cap of $123.58 billion, a PE ratio of 10.96, a price-to-earnings-growth ratio of 9.20 and a beta of 0.33. The Progressive Corporation has a one year low of $197.92 and a one year high of $292.99.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.08%.

Insider Activity

In other news, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the transaction, the insider owned 26,354 shares of the company’s stock, valued at $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 9,103 shares of company stock valued at $1,883,924. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PGR has been the topic of a number of research reports. UBS Group lowered their price target on Progressive from $226.00 to $218.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Wells Fargo & Company decreased their target price on Progressive from $220.00 to $214.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 19th. BMO Capital Markets dropped their price target on Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research report on Thursday, January 29th. Finally, HSBC cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $245.50.

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.