Mufg Securities Americas Inc. Boosts Stock Position in The Progressive Corporation $PGR

Mufg Securities Americas Inc. increased its holdings in The Progressive Corporation (NYSE:PGR) by 21.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 15,808 shares of the insurance provider’s stock after buying an additional 2,816 shares during the period. Mufg Securities Americas Inc.’s holdings in Progressive were worth $3,904,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of PGR. Davis Capital Management bought a new position in shares of Progressive in the 3rd quarter valued at about $25,000. Atlantic Union Bankshares Corp purchased a new stake in Progressive during the second quarter valued at approximately $33,000. Westside Investment Management Inc. lifted its stake in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Howard Hughes Medical Institute purchased a new position in shares of Progressive in the 2nd quarter worth approximately $34,000. Finally, TruNorth Capital Management LLC increased its position 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 valued at $41,000 after purchasing an additional 135 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider directly owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. The trade was a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 11,098 shares of company stock valued at $2,416,011. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Down 0.3%

NYSE:PGR opened at $203.52 on Tuesday. The stock has a market capitalization of $119.34 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 8.92 and a beta of 0.32. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. 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 firm has a 50 day moving average of $212.01 and a 200 day moving average of $226.15.

Progressive Announces Dividend

The firm 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 was Friday, January 2nd. Progressive’s payout ratio is 2.08%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Morgan Stanley lowered their price target on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research report on Wednesday, January 28th. Jefferies Financial Group set a $216.00 price target on shares of Progressive in a research note on Wednesday, February 11th. Citigroup decreased their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Bank of America cut their target price on Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. Finally, Zacks Research downgraded Progressive from a “hold” rating to a “strong sell” rating in a research report on Monday, January 26th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $244.71.

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.