Resona Asset Management Co. Ltd. Has $48.06 Million Stock Position in The Progressive Corporation $PGR

Resona Asset Management Co. Ltd. lowered its stake in The Progressive Corporation (NYSE:PGR) by 2.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 210,924 shares of the insurance provider’s stock after selling 6,046 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Progressive were worth $48,059,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Dagco Inc. acquired a new stake in Progressive in the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. boosted its position in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares in the last quarter. Entrust Financial LLC acquired a new stake in Progressive in the fourth quarter valued at approximately $33,000. Bangor Savings Bank boosted its position in Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after buying an additional 58 shares in the last quarter. Finally, Riverview Trust Co boosted its position in Progressive by 48.6% in the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after buying an additional 53 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In related news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This represents a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,933 shares of company stock worth $1,441,564 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PGR shares. Bank of America raised their target price on shares of Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Roth Mkm set a $235.00 target price on shares of Progressive in a research report on Thursday, February 19th. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. The Goldman Sachs Group reiterated a “buy” rating and set a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Finally, Citigroup cut their price target 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. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $238.39.

Progressive Price Performance

Shares of NYSE:PGR opened at $203.91 on Tuesday. The firm has a market cap of $119.15 billion, a PE ratio of 10.37, a price-to-earnings-growth ratio of 5.77 and a beta of 0.31. The firm’s fifty day moving average is $200.89 and its 200-day moving average is $210.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.37 earnings per share. Sell-side analysts predict that The Progressive Corporation will post 16.4 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Progressive Company 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.