Robeco Institutional Asset Management B.V. Grows Stake in The Progressive Co. (NYSE:PGR)

Robeco Institutional Asset Management B.V. boosted its position in The Progressive Co. (NYSE:PGR – Get Rating) by 17.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 209,905 shares of the insurance provider’s stock after buying an additional 31,778 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Progressive were worth $24,391,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Wagner Wealth Management LLC purchased a new position in Progressive in the 2nd quarter valued at approximately $35,000. Neo Ivy Capital Management purchased a new position in Progressive in the 2nd quarter valued at approximately $35,000. Quent Capital LLC increased its stake in Progressive by 29.4% in the 3rd quarter. Quent Capital LLC now owns 348 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 79 shares in the last quarter. Covington Capital Management grew its holdings in Progressive by 38.3% during the 3rd quarter. Covington Capital Management now owns 484 shares of the insurance provider’s stock valued at $56,000 after buying an additional 134 shares during the last quarter. Finally, Hanson & Doremus Investment Management acquired a new stake in Progressive during the 3rd quarter valued at $75,000. 83.19% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of Progressive stock opened at $142.87 on Friday. The Progressive Co. has a twelve month low of $105.96 and a twelve month high of $146.50. The stock has a market capitalization of $83.63 billion, a P/E ratio of 121.08, a PEG ratio of 0.90 and a beta of 0.50. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.41. The business’s fifty day moving average price is $137.71 and its 200 day moving average price is $130.17.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Thursday, April 6th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date is Wednesday, April 5th. Progressive’s payout ratio is currently 33.90%.

Insider Activity at Progressive

In related news, insider Daniel P. Mascaro sold 3,930 shares of Progressive stock in a transaction on Monday, December 19th. The stock was sold at an average price of $126.55, for a total value of $497,341.50. Following the transaction, the insider now owns 38,888 shares in the company, valued at $4,921,276.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progressive news, insider Patrick K. Callahan sold 3,644 shares of the firm’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total value of $475,031.84. Following the transaction, the insider now directly owns 15,186 shares of the company’s stock, valued at $1,979,646.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel P. Mascaro sold 3,930 shares of the firm’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $126.55, for a total value of $497,341.50. Following the completion of the transaction, the insider now directly owns 38,888 shares in the company, valued at $4,921,276.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 53,668 shares of company stock worth $7,207,628. 0.37% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PGR. Keefe, Bruyette & Woods increased their target price on Progressive from $127.00 to $140.00 and gave the company a “market perform” rating in a report on Friday, February 17th. Roth Capital reiterated a “buy” rating on shares of Progressive in a report on Wednesday, February 15th. Roth Mkm increased their target price on Progressive from $150.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, February 16th. Wells Fargo & Company upgraded Progressive from an “underweight” rating to an “overweight” rating and increased their target price for the company from $116.00 to $158.00 in a report on Thursday. Finally, Barclays increased their target price on Progressive from $104.00 to $109.00 and gave the company an “underweight” rating in a report on Thursday, December 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $139.85.

About Progressive

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.