Norinchukin Bank The Has $6.35 Million Stock Position in The Progressive Co. (NYSE:PGR)

Norinchukin Bank The boosted its stake in The Progressive Co. (NYSE:PGR) by 9.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,497 shares of the insurance provider’s stock after purchasing an additional 2,316 shares during the quarter. Norinchukin Bank The’s holdings in Progressive were worth $6,349,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PGR. Morse Asset Management Inc acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $55,000. Virtu Financial LLC bought a new stake in Progressive during the third quarter worth $2,566,000. SkyView Investment Advisors LLC boosted its holdings in shares of Progressive by 2.2% in the 3rd quarter. SkyView Investment Advisors LLC now owns 8,054 shares of the insurance provider’s stock valued at $2,044,000 after purchasing an additional 171 shares in the last quarter. Anchor Investment Management LLC increased its stake in shares of Progressive by 55.0% in the 3rd quarter. Anchor Investment Management LLC now owns 1,583 shares of the insurance provider’s stock valued at $402,000 after purchasing an additional 562 shares during the last quarter. Finally, World Investment Advisors LLC raised its holdings in shares of Progressive by 99.0% during the 3rd quarter. World Investment Advisors LLC now owns 3,307 shares of the insurance provider’s stock worth $839,000 after buying an additional 1,645 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, insider Andrew J. Quigg sold 962 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $234,044.98. Following the completion of the sale, the insider now owns 34,787 shares of the company’s stock, valued at $8,463,329.23. This trade represents a 2.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Lori A. Niederst sold 3,855 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total value of $952,416.30. Following the completion of the transaction, the insider now directly owns 39,040 shares in the company, valued at approximately $9,645,222.40. This trade represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,317 shares of company stock worth $14,844,282. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 3.5 %

Shares of PGR stock opened at $265.45 on Friday. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market cap of $155.62 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.70 and a beta of 0.38. The stock has a 50-day moving average of $273.91 and a 200-day moving average of $257.84.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. On average, equities research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Progressive’s dividend payout ratio (DPR) is currently 2.70%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PGR. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $288.00 price objective on shares of Progressive in a research note on Thursday. Roth Mkm lifted their price target on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Barclays upped their price objective on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. BMO Capital Markets raised their target price on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Morgan Stanley upped their price target on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $285.76.

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.