Meiji Yasuda Asset Management Co Ltd. Boosts Stock Position in The Progressive Co. (NYSE:PGR)

Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of The Progressive Co. (NYSE:PGR) by 9.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,063 shares of the insurance provider’s stock after buying an additional 1,329 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Progressive were worth $3,129,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PGR. Aviance Capital Partners LLC bought a new stake in shares of Progressive in the 1st quarter worth approximately $3,628,000. TCW Group Inc. bought a new stake in Progressive in the fourth quarter worth $1,988,000. Brevan Howard Capital Management LP purchased a new stake in Progressive during the fourth quarter valued at about $3,090,000. Concurrent Investment Advisors LLC boosted its position in Progressive by 66.4% during the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after buying an additional 2,719 shares during the period. Finally, Banque Cantonale Vaudoise grew its stake in shares of Progressive by 90.4% during the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after buying an additional 10,000 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now owns 32,780 shares in the company, valued at $7,015,247.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at approximately $7,015,247.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The disclosure for this sale can be found here. Insiders have sold a total of 146,704 shares of company stock valued at $33,367,408 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the subject of several analyst reports. Jefferies Financial Group increased their target price on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Bank of America increased their price objective on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Piper Sandler lifted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. BMO Capital Markets dropped their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group boosted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $257.18.

Progressive Trading Up 0.3 %

NYSE PGR opened at $257.69 on Thursday. The firm has a market capitalization of $150.93 billion, a PE ratio of 26.38, a P/E/G ratio of 0.82 and a beta of 0.35. The stock’s 50 day moving average is $232.38 and its 200 day moving average is $216.31. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 EPS. Research analysts forecast that The Progressive Co. will post 12.29 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is 4.09%.

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.