Global Retirement Partners LLC Boosts Stock Position in The Progressive Co. (NYSE:PGR)

Global Retirement Partners LLC grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 11.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 3,070 shares of the insurance provider’s stock after acquiring an additional 326 shares during the quarter. Global Retirement Partners LLC’s holdings in Progressive were worth $779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Progressive by 0.6% during the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock worth $10,703,318,000 after buying an additional 285,070 shares during the last quarter. Capital International Investors raised its holdings in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the period. Legal & General Group Plc lifted its stake in Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the last quarter. American Century Companies Inc. grew its holdings in Progressive by 3.0% during the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after purchasing an additional 69,709 shares during the period. Finally, TD Asset Management Inc increased its position in Progressive by 16.8% in the first quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock worth $351,289,000 after buying an additional 244,541 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of Progressive stock opened at $251.12 on Monday. The firm has a market capitalization of $147.08 billion, a PE ratio of 25.70, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $260.46. The business’s 50-day moving average price is $248.81 and its 200-day moving average price is $224.24.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Morgan Stanley boosted their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday. Bank of America raised their price objective on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Citigroup lowered their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $268.81.

Insider Transactions at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,862 shares of company stock worth $17,926,234. 0.34% of the stock is currently owned by insiders.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.