Assenagon Asset Management S.A. Grows Stock Holdings in The Progressive Co. (NYSE:PGR)

Assenagon Asset Management S.A. grew its holdings in The Progressive Co. (NYSE:PGR) by 10.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,371 shares of the insurance provider’s stock after acquiring an additional 1,789 shares during the period. Assenagon Asset Management S.A.’s holdings in Progressive were worth $4,662,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. boosted 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 in the last quarter. Capital International Investors boosted its holdings in Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares in the last quarter. Legal & General Group Plc boosted its holdings in Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after buying an additional 92,212 shares in the last quarter. American Century Companies Inc. boosted 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 worth $497,003,000 after buying an additional 69,709 shares in the last quarter. Finally, TD Asset Management Inc raised its position in Progressive by 16.8% during the first quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock worth $351,289,000 after acquiring an additional 244,541 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PGR shares. Piper Sandler lifted their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Roth Mkm raised their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 24th. Evercore ISI raised their price target on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, BMO Capital Markets decreased their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $263.19.

Insider Activity at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,843 shares of company stock valued at $18,674,912. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 1.1 %

Shares of Progressive stock opened at $241.68 on Wednesday. The company has a market cap of $141.54 billion, a P/E ratio of 17.56, a PEG ratio of 0.67 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a one year low of $149.14 and a one year high of $260.46. The firm has a fifty day moving average of $250.69 and a two-hundred day moving average of $226.17.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s payout ratio is 2.91%.

Progressive Company Profile

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.