The Progressive Corporation $PGR Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 46.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 38,971 shares of the insurance provider’s stock after selling 33,742 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Progressive were worth $7,726,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in Progressive in the fourth quarter valued at approximately $1,836,094,000. Wellington Management Group LLP lifted its position in shares of Progressive by 181.8% during the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after purchasing an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. lifted its position in shares of Progressive by 19,724.0% during the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock worth $806,614,000 after purchasing an additional 4,048,351 shares in the last quarter. Life Cycle Investment Partners Ltd purchased a new position in shares of Progressive in the fourth quarter valued at $353,906,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Progressive by 193.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock valued at $502,519,000 after purchasing an additional 1,454,111 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In other news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is currently owned by corporate insiders.

Progressive Trading Up 3.3%

PGR opened at $213.85 on Friday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The stock has a market capitalization of $124.96 billion, a PE ratio of 10.72, a P/E/G ratio of 2.79 and a beta of 0.26. The firm’s fifty day moving average price is $209.88 and its 200 day moving average price is $205.92.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is presently 2.01%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PGR shares. BMO Capital Markets dropped their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. HSBC upped their price objective on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Mizuho lifted their target price on Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Evercore set a $240.00 price target on Progressive in a research note on Friday, July 10th. Finally, Keefe, Bruyette & Woods reduced their price target on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $236.11.

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.