Mirae Asset Global Investments Co. Ltd. lifted its position in shares of The Progressive Co. (NYSE:PGR – Get Rating) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,102 shares of the insurance provider’s stock after acquiring an additional 5,565 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Progressive were worth $12,665,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Blume Capital Management Inc. acquired a new stake in shares of Progressive during the 1st quarter valued at $25,000. Cornerstone Advisory LLC bought a new position in Progressive during the 4th quarter worth $30,000. Byrne Asset Management LLC bought a new position in Progressive during the 4th quarter worth $31,000. Steward Financial Group LLC raised 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 worth $36,000 after purchasing an additional 286 shares during the last quarter. Finally, Core Alternative Capital raised its position in Progressive by 1,254.2% during the 1st quarter. Core Alternative Capital now owns 325 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 301 shares during the last quarter. Institutional investors and hedge funds own 85.05% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on PGR shares. Credit Suisse Group raised their target price on Progressive from $124.00 to $127.00 and gave the stock a “neutral” rating in a research report on Thursday, August 18th. MKM Partners raised their target price on Progressive from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, August 18th. Morgan Stanley raised their target price on Progressive from $121.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Friday, August 19th. Wells Fargo & Company reissued a “sell” rating and issued a $98.00 price objective on shares of Progressive in a research report on Friday, July 15th. Finally, Jefferies Financial Group lifted their price objective on Progressive from $106.00 to $125.00 and gave the stock a “hold” rating in a research report on Tuesday, July 12th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus target price of $118.08.
Progressive Price Performance
Progressive Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, October 7th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.31%. Progressive’s dividend payout ratio (DPR) is currently 28.57%.
Insider Buying and Selling at Progressive
In other Progressive news, insider Andrew J. Quigg sold 3,180 shares of Progressive stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $126.43, for a total transaction of $402,047.40. Following the completion of the transaction, the insider now owns 24,061 shares in the company, valued at approximately $3,042,032.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.33% of the company’s stock.
Progressive Company Profile
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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