Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Progressive Corp (NYSE:PGR) by 4.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 96,711 shares of the insurance provider’s stock after buying an additional 4,259 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Progressive were worth $5,351,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Cadence Capital Management LLC bought a new position in Progressive in the 4th quarter valued at about $1,466,000. Crossmark Global Holdings Inc. raised its holdings in Progressive by 5.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 73,361 shares of the insurance provider’s stock valued at $4,132,000 after acquiring an additional 4,106 shares during the period. Alps Advisors Inc. raised its holdings in Progressive by 10.7% in the 4th quarter. Alps Advisors Inc. now owns 13,625 shares of the insurance provider’s stock valued at $767,000 after acquiring an additional 1,314 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its holdings in Progressive by 22.8% in the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,444,923 shares of the insurance provider’s stock valued at $81,378,000 after acquiring an additional 268,705 shares during the period. Finally, Raymond James Trust N.A. raised its holdings in Progressive by 6.0% in the 4th quarter. Raymond James Trust N.A. now owns 41,160 shares of the insurance provider’s stock valued at $2,318,000 after acquiring an additional 2,337 shares during the period. 79.40% of the stock is currently owned by institutional investors.

In other Progressive news, insider William M. Cody sold 25,000 shares of the stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the transaction, the insider now owns 137,722 shares in the company, valued at approximately $7,726,204.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.

Several research analysts have weighed in on the stock. MKM Partners increased their price target on shares of Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, January 25th. UBS Group increased their price target on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Credit Suisse Group reissued a “hold” rating and issued a $48.00 price target on shares of Progressive in a report on Friday, December 15th. Wells Fargo & Co set a $55.00 price target on shares of Progressive and gave the company a “hold” rating in a report on Wednesday, December 13th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $60.00 price target on shares of Progressive in a report on Wednesday, December 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $50.53.

Progressive Corp (NYSE:PGR) opened at $51.07 on Friday. Progressive Corp has a 52-week low of $36.88 and a 52-week high of $58.25. The stock has a market cap of $31,062.78, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 2.13 and a beta of 0.82. The company has a current ratio of 0.37, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the business posted $0.66 EPS. The business’s revenue was up 21.6% compared to the same quarter last year. sell-side analysts expect that Progressive Corp will post 3.41 earnings per share for the current year.

The firm also recently announced an annual dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, February 2nd will be given a dividend of $1.125 per share. The ex-dividend date is Thursday, February 1st. This represents a dividend yield of 0.0203325501536237%. Progressive’s payout ratio is presently 41.18%.

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About Progressive

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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