Commerzbank Aktiengesellschaft FI Boosts Position in The Progressive Co. (NYSE:PGR)

Commerzbank Aktiengesellschaft FI lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 47.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,921 shares of the insurance provider’s stock after acquiring an additional 942 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Progressive were worth $742,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. GAM Holding AG increased its position in shares of Progressive by 8.7% during the 3rd quarter. GAM Holding AG now owns 21,818 shares of the insurance provider’s stock worth $5,537,000 after purchasing an additional 1,744 shares during the last quarter. Community Trust & Investment Co. acquired a new stake in shares of Progressive during the 3rd quarter worth about $428,000. Private Advisor Group LLC increased its position in shares of Progressive by 10.9% during the 3rd quarter. Private Advisor Group LLC now owns 11,958 shares of the insurance provider’s stock worth $3,034,000 after purchasing an additional 1,176 shares during the last quarter. BLB&B Advisors LLC acquired a new stake in shares of Progressive during the 3rd quarter worth about $210,000. Finally, Eastern Bank acquired a new stake in shares of Progressive during the 3rd quarter worth about $6,627,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent analyst reports. Barclays raised their price objective on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday. BMO Capital Markets dropped their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. The Goldman Sachs Group lifted their target price on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI lifted their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Thursday. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $263.19.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Steven Broz sold 2,981 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock valued at $18,674,912 over the last three months. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of PGR opened at $247.25 on Thursday. The stock has a 50 day moving average price of $250.14 and a 200 day moving average price of $224.95. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $144.81 billion, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46.

Progressive Dividend Announcement

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