The Progressive Corporation $PGR Shares Purchased by Capital International Investors

Capital International Investors boosted its stake in The Progressive Corporation (NYSE:PGR) by 78.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,704,197 shares of the insurance provider’s stock after buying an additional 6,045,732 shares during the period. Capital International Investors owned approximately 2.34% of Progressive worth $3,384,082,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Davis Capital Management acquired a new stake in shares of Progressive during the third quarter valued at about $25,000. Ameriflex Group Inc. lifted its holdings 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 acquiring an additional 65 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Progressive during the 2nd quarter worth approximately $33,000. Howard Hughes Medical Institute acquired a new stake in Progressive in the 2nd quarter valued at approximately $34,000. Finally, TruNorth Capital Management LLC raised its position in Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Down 1.9%

NYSE:PGR opened at $206.70 on Tuesday. The Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99. The firm has a market cap of $121.10 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 9.19 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average price of $208.55 and a 200 day moving average price of $223.48.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Evercore set a $230.00 price target on Progressive in a research report on Thursday, February 19th. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Piper Sandler restated an “overweight” rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. JPMorgan Chase & Co. cut their price target on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday, February 19th. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $245.50.

Insider Buying and Selling at Progressive

In related news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 12,761 shares of company stock valued at $2,659,420. 0.33% of the stock is currently owned by company insiders.

About Progressive

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.