Achmea Investment Management B.V. bought a new position in The Progressive Co. (NYSE:PGR – Get Rating) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 61,430 shares of the insurance provider’s stock, valued at approximately $7,002,000.
Other hedge funds also recently made changes to their positions in the company. Blume Capital Management Inc. acquired a new position in shares of Progressive in the 1st quarter worth approximately $25,000. Rational Advisors LLC boosted its position in Progressive by 132.7% during the 4th quarter. Rational Advisors LLC now owns 249 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 142 shares during the period. Cornerstone Advisory LLC acquired a new position in Progressive during the 4th quarter valued at approximately $30,000. Byrne Asset Management LLC acquired a new position in Progressive during the 4th quarter valued at approximately $31,000. Finally, Steward Financial Group LLC boosted its position in Progressive by 953.3% during the 1st quarter. Steward Financial Group LLC now owns 316 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 286 shares during the period. Institutional investors and hedge funds own 85.05% of the company’s stock.
In other news, insider Andrew J. Quigg sold 3,180 shares of Progressive stock in a transaction on Friday, August 26th. The stock was sold at an average price of $126.43, for a total transaction of $402,047.40. Following the transaction, the insider now owns 24,061 shares in the company, valued at $3,042,032.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.37% of the stock is currently owned by corporate insiders.
Progressive Stock Down 0.4 %
Progressive declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 18th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the insurance provider to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Progressive Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date of this dividend is Thursday, October 6th. Progressive’s dividend payout ratio (DPR) is presently 28.57%.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods upgraded Progressive from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $96.00 to $107.00 in a research report on Thursday, June 23rd. Jefferies Financial Group lifted their target price on Progressive from $106.00 to $125.00 and gave the company a “hold” rating in a research note on Tuesday, July 12th. Morgan Stanley lifted their target price on Progressive from $121.00 to $130.00 and gave the company an “equal weight” rating in a research note on Friday, August 19th. Citigroup initiated coverage on Progressive in a research note on Monday, May 23rd. They set a “sell” rating and a $93.00 target price on the stock. Finally, TheStreet downgraded Progressive from a “b” rating to a “c+” rating in a research note on Friday, July 15th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $118.08.
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.
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