Sumitomo Mitsui DS Asset Management Company Ltd Purchases 3,265 Shares of The Progressive Co. (NYSE:PGR)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of The Progressive Co. (NYSE:PGR) by 4.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 70,572 shares of the insurance provider’s stock after buying an additional 3,265 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Progressive were worth $17,908,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in PGR. Vanguard Group Inc. boosted its stake in Progressive by 0.6% in the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after acquiring an additional 285,070 shares during the last quarter. Capital International Investors lifted its stake 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 valued at $1,018,592,000 after purchasing an additional 670,006 shares during the period. Legal & General Group Plc boosted its position in shares of Progressive by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after purchasing an additional 92,212 shares during the last quarter. American Century Companies Inc. grew its stake in shares of 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 purchasing an additional 69,709 shares during the period. Finally, TD Asset Management Inc increased its holdings 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 valued at $351,289,000 after purchasing an additional 244,541 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 1.6 %

Shares of NYSE:PGR opened at $251.34 on Friday. The company’s 50-day moving average price is $248.22 and its two-hundred day moving average price is $223.76. The Progressive Co. has a one year low of $149.14 and a one year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $147.21 billion, a PE ratio of 25.73, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. Progressive’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.57 earnings per share. On average, equities analysts forecast that The Progressive Co. will post 13.07 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is presently 4.09%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Progressive news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on 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 transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,383 shares of company stock valued at $33,446,453. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on PGR shares. Wells Fargo & Company raised their target price on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Roth Mkm lifted their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Piper Sandler boosted their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Finally, StockNews.com lowered Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $268.19.

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.