Sompo Asset Management Co. Ltd. Has $443,000 Stock Holdings in The Progressive Co. (NYSE:PGR)

Sompo Asset Management Co. Ltd. raised its position in The Progressive Co. (NYSE:PGR) by 3.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,850 shares of the insurance provider’s stock after purchasing an additional 70 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Progressive were worth $443,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock worth $12,795,262,000 after buying an additional 583,376 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock worth $3,498,363,000 after purchasing an additional 189,638 shares in the last quarter. Norges Bank bought a new position in Progressive during the fourth quarter valued at about $1,843,045,000. Capital Research Global Investors lifted its position in shares of Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after buying an additional 1,547,677 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Progressive by 2.9% during the 4th quarter. Invesco Ltd. now owns 5,521,545 shares of the insurance provider’s stock worth $1,323,018,000 after acquiring an additional 153,044 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

Progressive stock opened at $265.09 on Thursday. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The stock has a fifty day moving average price of $274.04 and a two-hundred day moving average price of $258.02. The firm has a market capitalization of $155.40 billion, a P/E ratio of 18.41, a P/E/G ratio of 1.70 and a beta of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive’s payout ratio is 2.70%.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 1,542 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the sale, the chief financial officer now directly owns 268,024 shares of the company’s stock, valued at $75,759,663.84. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lori A. Niederst sold 3,855 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the completion of the transaction, the insider now owns 39,040 shares of the company’s stock, valued at $9,645,222.40. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,749 shares of company stock valued at $11,786,613. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. BMO Capital Markets boosted their target price on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a report on Thursday, December 26th. Jefferies Financial Group decreased their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a report on Friday, April 11th. Roth Mkm lifted their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Finally, StockNews.com lowered Progressive from a “buy” rating to a “hold” rating in a report on Friday, April 4th. Nine 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, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $285.76.

Progressive Company 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.