Deutsche Bank AG Sells 298,140 Shares of The Progressive Corporation $PGR

Deutsche Bank AG reduced its position in The Progressive Corporation (NYSE:PGR) by 5.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,163,933 shares of the insurance provider’s stock after selling 298,140 shares during the quarter. Deutsche Bank AG owned 0.88% of Progressive worth $1,175,931,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in PGR. Norges Bank bought a new stake in shares of Progressive in the fourth quarter valued at about $1,836,094,000. Capital International Investors raised its holdings in shares of Progressive by 78.9% in the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after acquiring an additional 2,314,864 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new stake in shares of Progressive in the fourth quarter valued at about $353,906,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Progressive in the fourth quarter valued at about $185,761,000. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the subject of several recent research reports. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Progressive in a report on Friday, May 22nd. Piper Sandler restated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Morgan Stanley reduced their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. UBS Group boosted their target price on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Finally, Barclays set a $247.00 target price on shares of Progressive in a report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $238.11.

Insider Activity at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at $115,227. This 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 this hyperlink. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the sale, the insider owned 28,668 shares in the company, valued at approximately $5,733,600. This represents a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,343 shares of company stock worth $1,470,355 over the last quarter. Insiders own 0.32% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $199.80 on Wednesday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $271.00. The firm has a market capitalization of $116.75 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 5.80 and a beta of 0.28. 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 stock’s 50-day simple moving average is $198.87 and its 200-day simple moving average is $208.42.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the previous year, the firm earned $4.37 earnings per share. The company’s revenue was up 6.5% on a year-over-year basis. As a group, equities analysts forecast that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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 given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.

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.