Natixis Advisors LLC Lowers Stake in The Progressive Corporation $PGR

Natixis Advisors LLC lowered its position in shares of The Progressive Corporation (NYSE:PGR) by 3.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 746,684 shares of the insurance provider’s stock after selling 27,886 shares during the period. Natixis Advisors LLC’s holdings in Progressive were worth $184,394,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PGR. Davis Capital Management bought a new stake in Progressive in the third quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new stake in Progressive in the 2nd quarter worth approximately $33,000. Howard Hughes Medical Institute purchased a new stake in Progressive in the second quarter worth $34,000. Ameriflex Group Inc. lifted its position in shares of 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 during the period. Finally, TruNorth Capital Management LLC boosted its position in Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 135 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.2%

NYSE PGR opened at $210.92 on Friday. The Progressive Corporation has a one year low of $197.92 and a one year high of $292.99. The company has a market capitalization of $123.58 billion, a P/E ratio of 10.96, a P/E/G ratio of 9.20 and a beta of 0.33. The stock has a 50 day moving average price of $208.98 and a 200-day moving average price of $223.98. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.35.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given 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%.

Analyst Ratings Changes

A number of brokerages have recently commented on PGR. Morgan Stanley dropped their target price on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a report on Wednesday, January 28th. Jefferies Financial Group set a $216.00 price objective on shares of Progressive in a report on Wednesday, February 11th. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Keefe, Bruyette & Woods increased their price target on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a report on Thursday, February 19th. Finally, HSBC downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $245.50.

Insider Buying and Selling

In other news, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider owned 39,626 shares in the company, valued at $8,097,573.10. This trade represents a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,103 shares of company stock worth $1,883,924 in the last 90 days. Company insiders own 0.34% of the company’s stock.

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.