The Progressive Co. (NYSE:PGR) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. trimmed its stake in The Progressive Co. (NYSE:PGR) by 12.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 63,640 shares of the insurance provider’s stock after selling 9,344 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in The Progressive were worth $6,085,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. FIL Ltd raised its holdings in shares of The Progressive by 44.8% in the fourth quarter. FIL Ltd now owns 3,749,686 shares of the insurance provider’s stock worth $370,769,000 after acquiring an additional 1,160,044 shares during the last quarter. Great Lakes Advisors LLC increased its stake in The Progressive by 41.2% in the fourth quarter. Great Lakes Advisors LLC now owns 3,305 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 964 shares during the last quarter. ProShare Advisors LLC increased its stake in The Progressive by 5.9% in the fourth quarter. ProShare Advisors LLC now owns 122,000 shares of the insurance provider’s stock valued at $12,063,000 after purchasing an additional 6,798 shares during the last quarter. CI Investments Inc. increased its stake in The Progressive by 190.6% in the fourth quarter. CI Investments Inc. now owns 4,263 shares of the insurance provider’s stock valued at $422,000 after purchasing an additional 2,796 shares during the last quarter. Finally, Sigma Planning Corp increased its stake in The Progressive by 61.9% in the fourth quarter. Sigma Planning Corp now owns 4,668 shares of the insurance provider’s stock valued at $462,000 after purchasing an additional 1,784 shares during the last quarter. 81.01% of the stock is owned by institutional investors.

In related news, insider Steven Broz sold 1,243 shares of the business’s stock in a transaction dated Monday, April 5th. The stock was sold at an average price of $95.90, for a total value of $119,203.70. Following the transaction, the insider now owns 32,564 shares in the company, valued at $3,122,887.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 45,000 shares of the company’s stock in a transaction that occurred on Thursday, June 17th. The shares were sold at an average price of $91.78, for a total value of $4,130,100.00. Following the sale, the chief executive officer now owns 365,215 shares in the company, valued at approximately $33,519,432.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,488 shares of company stock worth $5,491,000. Insiders own 0.37% of the company’s stock.

PGR has been the subject of several analyst reports. Edward Jones upgraded The Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, March 18th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell dropped their target price on The Progressive from $97.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday. Bank of America lowered their price target on The Progressive from $127.00 to $123.00 and set a “buy” rating for the company in a research report on Thursday, June 17th. Morgan Stanley downgraded The Progressive from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $90.00 to $85.00 in a research report on Monday, June 7th. Finally, Raymond James reissued an “outperform” rating and set a $115.00 price target on shares of The Progressive in a research report on Monday, April 26th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $98.92.

Shares of NYSE PGR opened at $95.69 on Friday. The Progressive Co. has a 1-year low of $76.16 and a 1-year high of $107.58. The stock has a 50-day moving average of $99.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.38 and a quick ratio of 0.38. The stock has a market capitalization of $55.99 billion, a P/E ratio of 8.71, a price-to-earnings-growth ratio of 2.41 and a beta of 0.46.

The Progressive (NYSE:PGR) last issued its earnings results on Tuesday, May 4th. The insurance provider reported $1.72 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.72. The Progressive had a return on equity of 25.38% and a net margin of 14.50%. Sell-side analysts expect that The Progressive Co. will post 5.83 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, July 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Tuesday, July 6th. The Progressive’s dividend payout ratio (DPR) is 5.35%.

About The Progressive

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.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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