Achmea Investment Management B.V. Invests $7 Million in The Progressive Co. (NYSE:PGR)

Achmea Investment Management B.V. acquired a new position in shares of The Progressive Co. (NYSE:PGRGet Rating) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 61,430 shares of the insurance provider’s stock, valued at approximately $7,002,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Progressive by 2.6% in the first quarter. Vanguard Group Inc. now owns 48,453,671 shares of the insurance provider’s stock valued at $5,523,234,000 after purchasing an additional 1,250,492 shares in the last quarter. BlackRock Inc. lifted its stake in Progressive by 3.1% in the fourth quarter. BlackRock Inc. now owns 45,790,327 shares of the insurance provider’s stock valued at $4,700,376,000 after buying an additional 1,393,588 shares during the last quarter. State Street Corp lifted its stake in Progressive by 2.2% in the fourth quarter. State Street Corp now owns 27,182,740 shares of the insurance provider’s stock valued at $2,790,308,000 after buying an additional 572,891 shares during the last quarter. Capital World Investors lifted its stake in Progressive by 1.5% in the fourth quarter. Capital World Investors now owns 8,955,605 shares of the insurance provider’s stock valued at $919,293,000 after buying an additional 134,593 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Progressive by 15.8% in the fourth quarter. Alliancebernstein L.P. now owns 8,824,278 shares of the insurance provider’s stock valued at $905,812,000 after buying an additional 1,205,937 shares during the last quarter. 85.05% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 3,180 shares of the stock in a transaction on Friday, August 26th. The stock was sold at an average price of $126.43, for a total transaction of $402,047.40. Following the sale, the insider now owns 24,061 shares of the company’s stock, valued at $3,042,032.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PGR. Jefferies Financial Group boosted their price objective on Progressive from $106.00 to $125.00 and gave the company a “hold” rating in a research note on Tuesday, July 12th. MKM Partners upped their price target on Progressive from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, August 18th. Keefe, Bruyette & Woods upgraded Progressive from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $96.00 to $107.00 in a research note on Thursday, June 23rd. TheStreet cut Progressive from a “b” rating to a “c+” rating in a research note on Friday, July 15th. Finally, Raymond James increased their price objective on Progressive from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Monday, August 29th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $118.08.

Progressive Stock Down 0.4 %

Progressive stock opened at $128.68 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.40 and a current ratio of 0.40. The firm has a market capitalization of $75.27 billion, a price-to-earnings ratio of 91.91, a price-to-earnings-growth ratio of 1.57 and a beta of 0.42. The Progressive Co. has a fifty-two week low of $89.35 and a fifty-two week high of $129.24. The stock’s fifty day moving average is $119.67 and its two-hundred day moving average is $114.83.

Progressive declared that its board has authorized a stock buyback program on Wednesday, May 18th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, October 7th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date is Thursday, October 6th. Progressive’s payout ratio is currently 28.57%.

About Progressive

(Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

See Also

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGRGet Rating).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.