Mirae Asset Global Investments Co. Ltd. Has $30.07 Million Stock Holdings in The Progressive Corporation $PGR

Mirae Asset Global Investments Co. Ltd. grew its position in The Progressive Corporation (NYSE:PGR) by 16.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 140,348 shares of the insurance provider’s stock after buying an additional 19,504 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Progressive were worth $30,065,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. Capital International Investors increased its position in Progressive by 78.9% in the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after purchasing an additional 6,045,732 shares during the period. Capital Research Global Investors grew its position in shares of Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after buying an additional 2,314,864 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Progressive by 2,012.0% during the third quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock worth $189,546,000 after buying an additional 731,207 shares during the last quarter. Marshfield Associates lifted its holdings in Progressive by 70.8% in the third quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider’s stock valued at $389,552,000 after buying an additional 653,763 shares during the period. Finally, Danske Bank A S bought a new position in Progressive in the third quarter valued at approximately $154,257,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Mizuho dropped their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research report on Friday, March 20th. Citigroup dropped their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Barclays set a $247.00 target price on Progressive in a report on Wednesday, March 18th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $238.39.

Insiders Place Their Bets

In other Progressive news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the transaction, the executive owned 26,249 shares of the company’s stock, valued at $5,363,983.15. This trade represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 11,687 shares of company stock worth $2,413,044 in the last three months. 0.32% of the stock is owned by corporate insiders.

Progressive Price Performance

PGR opened at $202.69 on Friday. The stock has a market cap of $118.57 billion, a P/E ratio of 10.30, a P/E/G ratio of 6.70 and a beta of 0.34. The Progressive Corporation has a 12 month low of $192.02 and a 12 month high of $289.96. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The company has a fifty day simple moving average of $203.43 and a 200 day simple moving average of $214.91.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same period in the previous year, the company posted $4.37 earnings per share. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, April 2nd. Progressive’s payout ratio is 2.03%.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.