Baader Bank Aktiengesellschaft Trims Stock Position in The Progressive Corporation $PGR

Baader Bank Aktiengesellschaft trimmed its position in The Progressive Corporation (NYSE:PGR) by 45.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,048 shares of the insurance provider’s stock after selling 14,794 shares during the quarter. Baader Bank Aktiengesellschaft’s holdings in Progressive were worth $4,428,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC increased its stake in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Progressive during the 4th quarter worth $269,000. Bison Wealth LLC grew its holdings in shares of Progressive by 3.2% during 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 during the period. Concurrent Investment Advisors LLC increased its position in shares of Progressive by 6.7% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 6,285 shares of the insurance provider’s stock worth $1,677,000 after purchasing an additional 393 shares during the last quarter. Finally, CWM LLC raised its holdings in Progressive by 19.7% in the 2nd quarter. CWM LLC now owns 35,285 shares of the insurance provider’s stock valued at $9,416,000 after buying an additional 5,802 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer directly owned 223,024 shares in the company, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,344 shares of the firm’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 transaction of $302,131.20. Following the completion of the sale, the insider directly owned 26,354 shares in the company, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,443 shares of company stock worth $2,723,061 in the last quarter. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PGR shares. HSBC cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Evercore dropped their target price on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a report on Wednesday, January 7th. JPMorgan Chase & Co. cut their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Zacks Research lowered Progressive from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Finally, The Goldman Sachs Group set a $227.00 price objective on Progressive in a report on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $251.29.

Progressive Stock Performance

NYSE:PGR opened at $202.57 on Wednesday. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. The company has a fifty day simple moving average of $216.15 and a two-hundred day simple moving average of $228.55. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The company has a market cap of $118.79 billion, a price-to-earnings ratio of 10.53, a price-to-earnings-growth ratio of 1.24 and a beta of 0.32.

Progressive Dividend Announcement

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

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.