AG2R LA Mondiale Gestion D Actifs Purchases Shares of 21,645 The Progressive Corporation $PGR

AG2R LA Mondiale Gestion D Actifs purchased a new stake in The Progressive Corporation (NYSE:PGR) in the first quarter, Holdings Channel reports. The institutional investor purchased 21,645 shares of the insurance provider’s stock, valued at approximately $6,167,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of PGR. Nuveen LLC acquired a new stake in Progressive in the 1st quarter valued at about $1,473,180,000. GQG Partners LLC lifted its holdings in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after acquiring an additional 3,174,632 shares during the last quarter. GAMMA Investing LLC raised its holdings in Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock worth $862,059,000 after buying an additional 3,038,303 shares during the period. C WorldWide Group Holding A S raised its holdings in Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after buying an additional 1,238,402 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after buying an additional 1,091,828 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PGR has been the topic of several recent analyst reports. UBS Group cut their price objective on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a report on Monday, July 21st. Jefferies Financial Group dropped their target price on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Barclays dropped their target price on Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 19th. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Finally, Cantor Fitzgerald upgraded Progressive to a “hold” rating in a report on Wednesday, August 13th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $284.82.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,345 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $337,299.10. Following the completion of the sale, the insider directly owned 31,733 shares of the company’s stock, valued at approximately $7,958,001.74. This represents a 4.07% 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 Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 139,010 shares of company stock valued at $34,547,699 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.9%

Shares of Progressive stock opened at $248.69 on Friday. The stock has a market capitalization of $145.78 billion, a P/E ratio of 14.01, a PEG ratio of 1.43 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock has a 50 day moving average price of $246.68 and a two-hundred day moving average price of $264.95. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. During the same quarter in the prior year, the business earned $2.48 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. Equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive’s dividend payout ratio is currently 2.25%.

Progressive 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.