Munich Reinsurance Co Stock Corp in Munich Invests $4.53 Million in The Progressive Corporation $PGR

Munich Reinsurance Co Stock Corp in Munich bought a new stake in The Progressive Corporation (NYSE:PGR) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,323 shares of the insurance provider’s stock, valued at approximately $4,525,000.

A number of other hedge funds have also recently modified their holdings of PGR. Davis Capital Management acquired a new stake in shares of Progressive during the third quarter worth about $25,000. Ameriflex Group Inc. boosted its position in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of Progressive in the 2nd quarter valued at about $33,000. Howard Hughes Medical Institute purchased a new position in Progressive during the 2nd quarter worth approximately $34,000. Finally, TruNorth Capital Management LLC grew its stake in Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after buying an additional 135 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the stock in a transaction dated 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 directly owned 26,249 shares of the company’s stock, valued at $5,363,983.15. This represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 9,103 shares of company stock valued at $1,883,924. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price objective on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research note on Thursday, February 19th. Evercore set a $230.00 target price on shares of Progressive in a research report on Thursday, February 19th. Citigroup cut their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Barclays upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $257.00 to $265.00 in a research report on Thursday, January 8th. Finally, Bank of America lowered their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research report on Tuesday, December 9th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $245.50.

Progressive Stock Performance

NYSE:PGR opened at $210.92 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.29. The firm has a market cap of $123.58 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 9.20 and a beta of 0.33. The firm’s fifty day moving average price is $208.98 and its 200 day moving average price is $223.98. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s payout ratio is 2.08%.

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.