Mitsubishi UFJ Trust & Banking Corp Has $91.57 Million Stake in The Progressive Corporation $PGR

Mitsubishi UFJ Trust & Banking Corp reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 4.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 427,444 shares of the insurance provider’s stock after selling 22,006 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Progressive were worth $91,567,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares during the last quarter. State Street Corp raised its position in shares of Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after acquiring an additional 78,374 shares during the last quarter. Capital International Investors lifted its stake in shares of Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares during the period. Capital Research Global Investors lifted its stake in shares of Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after acquiring an additional 2,314,864 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Progressive by 4.9% in the third quarter. Legal & General Group Plc now owns 4,196,111 shares of the insurance provider’s stock valued at $1,036,230,000 after acquiring an additional 197,603 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on PGR shares. BMO Capital Markets boosted their price objective on Progressive from $208.00 to $221.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Citigroup reduced their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Barclays set a $247.00 price target on shares of Progressive in a research report on Wednesday, March 18th. Bank of America increased their price objective on shares of Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus price target of $238.39.

Progressive Price Performance

Shares of PGR opened at $202.08 on Tuesday. The stock has a market cap of $118.21 billion, a P/E ratio of 10.27, a price-to-earnings-growth ratio of 6.63 and a beta of 0.34. The Progressive Corporation has a 1 year low of $192.02 and a 1 year high of $289.96. The stock’s 50-day moving average price is $203.33 and its two-hundred day moving average price is $212.80. The company has a current ratio of 0.33, a quick ratio of 0.35 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.37 EPS. On average, equities analysts predict that The Progressive Corporation will post 16.38 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Insider Activity

In related news, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction 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 sale, the insider owned 32,348 shares in the company, valued at $6,857,776. This represents a 9.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is currently owned by company insiders.

Progressive 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.