Groupama Asset Managment Sells 3,960 Shares of The Progressive Corporation $PGR

Groupama Asset Managment trimmed its stake in shares of The Progressive Corporation (NYSE:PGR) by 38.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,292 shares of the insurance provider’s stock after selling 3,960 shares during the period. Groupama Asset Managment’s holdings in Progressive were worth $1,247,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Allstate Corp lifted its holdings in shares of Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after buying an additional 22,915 shares during the period. Norges Bank bought a new stake in shares of Progressive in the fourth quarter worth $1,836,094,000. Investment House LLC bought a new stake in shares of Progressive in the fourth quarter worth $8,447,000. Sumitomo Mitsui Trust Group Inc. increased its position in Progressive by 5.7% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock valued at $411,506,000 after acquiring an additional 97,275 shares during the last quarter. Finally, Van Cleef Asset Management Inc increased its position in Progressive by 1.2% during the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock valued at $173,429,000 after acquiring an additional 9,017 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on PGR shares. UBS Group increased their target price on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Bank of America cut their price target on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Keefe, Bruyette & Woods reduced their price target on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research note on Friday, May 22nd. Finally, William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus target price of $236.11.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the transaction, the chief executive officer owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares in the company, valued at $9,370,900. This trade represents a 7.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 74,885 shares of company stock worth $15,880,459 over the last ninety days. 0.32% of the stock is owned by company insiders.

Progressive Stock Performance

NYSE PGR opened at $211.50 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The business has a 50-day moving average price of $211.33 and a 200-day moving average price of $206.05. The firm has a market cap of $123.59 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 2.86 and a beta of 0.26.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

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.