5,030,160 Shares in The Progressive Corporation $PGR Acquired by Deutsche Bank AG

Deutsche Bank AG purchased a new stake in The Progressive Corporation (NYSE:PGR) during the second quarter, HoldingsChannel reports. The firm purchased 5,030,160 shares of the insurance provider’s stock, valued at approximately $1,098,838,000.

Several other hedge funds have also added to or reduced their stakes in PGR. Vanguard Group Inc. increased its holdings in shares of Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after purchasing an additional 593,612 shares during the last quarter. State Street Corp lifted its stake in shares of Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after buying an additional 78,374 shares during the last quarter. Capital International Investors boosted its holdings in shares of Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after buying an additional 1,217,527 shares during the period. GQG Partners LLC boosted its holdings in shares of Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after buying an additional 1,092,151 shares during the period. Finally, Norges Bank acquired a new position in Progressive in the 4th quarter valued at about $1,836,094,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several research reports. Wells Fargo & Company cut their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. Keefe, Bruyette & Woods lowered their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Royal Bank Of Canada set a $208.00 target price on Progressive in a research note on Friday, May 22nd. Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Finally, JPMorgan Chase & Co. reduced their price target on Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus target price of $233.16.

Insider Buying and Selling at Progressive

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction on 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 directly owned 42,595 shares of the company’s stock, valued at $9,370,900. The trade was a 7.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the sale, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 82,224 shares of company stock valued at $17,416,438 over the last ninety days. 0.32% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of Progressive stock opened at $203.98 on Tuesday. 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 stock has a market capitalization of $118.59 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a 50-day simple moving average of $214.43 and a two-hundred day simple moving average of $206.43.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the prior year, the business posted $5.40 EPS. The business’s revenue was up 5.0% compared to the same quarter last year. Analysts forecast that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Dividend Announcement

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

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.