MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Buys 2,132 Shares of The Progressive Co. (NYSE:PGR)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of The Progressive Co. (NYSE:PGR) by 2.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,052 shares of the insurance provider’s stock after purchasing an additional 2,132 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Progressive were worth $19,126,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Webster Bank N. A. acquired a new position in Progressive in the 4th quarter valued at $26,000. Hager Investment Management Services LLC acquired a new position in Progressive during the 4th quarter worth $28,000. Atlantic Edge Private Wealth Management LLC boosted its holdings in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 41 shares during the period. Valley National Advisers Inc. grew its position in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Atala Financial Inc bought a new position in shares of Progressive in the fourth quarter worth about $32,000. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares in the company, valued at $180,891.35. This represents a 35.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $279.94, for a total transaction of $2,799,400.00. Following the completion of the sale, the chief financial officer now owns 269,566 shares of the company’s stock, valued at $75,462,306.04. The trade was a 3.58% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,894 shares of company stock valued at $11,020,097. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PGR. Barclays boosted their price objective on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective for the company in a research report on Monday, April 28th. Roth Mkm raised their price objective on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. UBS Group raised their price objective on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. Finally, BMO Capital Markets lifted their price objective on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $287.65.

Progressive Stock Performance

Shares of NYSE:PGR opened at $278.33 on Thursday. 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 business’s fifty day moving average price is $275.14 and its two-hundred day moving average price is $261.00. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The stock has a market capitalization of $163.16 billion, a price-to-earnings ratio of 19.33, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. The business 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 predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive’s dividend payout ratio is 2.70%.

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.