Danske Bank A S Takes Position in The Progressive Corporation $PGR

Danske Bank A S bought a new position in The Progressive Corporation (NYSE:PGR) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 624,650 shares of the insurance provider’s stock, valued at approximately $154,257,000. Danske Bank A S owned about 0.11% of Progressive at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PGR. Caitong International Asset Management Co. Ltd boosted its stake in shares of Progressive by 87.5% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 827 shares of the insurance provider’s stock worth $204,000 after buying an additional 386 shares during the last quarter. Second Line Capital LLC grew its holdings in shares of Progressive by 3.5% in the third quarter. Second Line Capital LLC now owns 13,655 shares of the insurance provider’s stock worth $3,372,000 after acquiring an additional 458 shares during the period. Stance Capital LLC increased its position in Progressive by 11.4% during the third quarter. Stance Capital LLC now owns 5,412 shares of the insurance provider’s stock valued at $1,336,000 after acquiring an additional 556 shares during the last quarter. Advisory Services Network LLC increased its position in Progressive by 7.3% during the third quarter. Advisory Services Network LLC now owns 20,309 shares of the insurance provider’s stock valued at $5,015,000 after acquiring an additional 1,375 shares during the last quarter. Finally, Fulcrum Asset Management LLP lifted its holdings in Progressive by 1.7% in the third quarter. Fulcrum Asset Management LLP now owns 8,447 shares of the insurance provider’s stock valued at $2,086,000 after acquiring an additional 142 shares during the period. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. cut their price target on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Argus raised shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Mizuho set a $240.00 target price on shares of Progressive in a research report on Wednesday, January 14th. Finally, Citigroup reduced their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $241.94.

Progressive Stock Performance

Shares of PGR opened at $203.76 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $206.62 and a two-hundred day simple moving average of $221.72. The stock has a market cap of $119.39 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 8.92 and a beta of 0.33. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $291.64.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.08%.

Insider Buying and Selling

In related news, insider Maribel Pumarejo sold 739 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the transaction, the executive directly owned 26,250 shares in the company, valued at $5,330,062.50. This represents a 7.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 12,761 shares of company stock worth $2,659,420 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

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.