Raiffeisen Bank International AG Lowers Position in The Progressive Corporation $PGR

Raiffeisen Bank International AG lessened its stake in The Progressive Corporation (NYSE:PGR) by 5.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 181,704 shares of the insurance provider’s stock after selling 9,510 shares during the quarter. Raiffeisen Bank International AG’s holdings in Progressive were worth $39,949,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of PGR. Bogart Wealth LLC lifted its stake in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in shares of Progressive in the 2nd quarter worth $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Progressive in the second quarter valued at about $26,000. Bard Associates Inc. bought a new position in shares of Progressive during the fourth quarter valued at about $27,000. Finally, Kilter Group LLC purchased a new position in Progressive during the second quarter worth about $27,000. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,225 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $219.40, for a total transaction of $268,765.00. Following the sale, the insider owned 31,257 shares of the company’s stock, valued at approximately $6,857,785.80. This represents a 3.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew Quigg sold 3,499 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This represents a 7.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 113,714 shares of company stock worth $24,466,294 in the last 90 days. 0.32% of the stock is owned by company insiders.

Progressive Stock Performance

NYSE PGR opened at $223.90 on Friday. The firm has a market cap of $130.17 billion, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 2.95 and a beta of 0.27. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average is $217.67 and its 200-day moving average is $207.71. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.83.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. During the same period in the previous year, the business earned $5.40 EPS. Progressive’s revenue was up 5.0% compared to the same quarter last year. Sell-side analysts predict that The Progressive Corporation will post 17.74 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a $0.10 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.01%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. The Goldman Sachs Group reiterated a “buy” rating and issued a $230.00 price objective on shares of Progressive in a research note on Wednesday, August 19th. Evercore set a $240.00 target price on Progressive in a research note on Friday, July 10th. Keefe, Bruyette & Woods raised Progressive from a “market perform” rating to an “outperform” rating and increased their price target for the company from $226.00 to $250.00 in a research report on Thursday, August 20th. HSBC lifted their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. Finally, Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $236.26.

Progressive Profile

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.