Mirae Asset Global Investments Co. Ltd. Acquires 39,430 Shares of The Progressive Co. (NYSE:PGR)

Mirae Asset Global Investments Co. Ltd. raised its holdings in The Progressive Co. (NYSE:PGR) by 28.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 179,352 shares of the insurance provider’s stock after purchasing an additional 39,430 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Progressive were worth $23,741,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PGR. CHICAGO TRUST Co NA increased its holdings in Progressive by 3.3% in the second quarter. CHICAGO TRUST Co NA now owns 10,644 shares of the insurance provider’s stock valued at $1,409,000 after purchasing an additional 341 shares during the last quarter. EA Series Trust bought a new stake in Progressive in the second quarter valued at about $3,189,000. ExodusPoint Capital Management LP acquired a new position in Progressive in the first quarter valued at about $2,714,000. Van Hulzen Asset Management LLC grew its stake in Progressive by 5.9% in the second quarter. Van Hulzen Asset Management LLC now owns 79,700 shares of the insurance provider’s stock valued at $10,550,000 after acquiring an additional 4,413 shares during the period. Finally, Modera Wealth Management LLC acquired a new position in shares of Progressive during the second quarter worth about $301,000. Institutional investors own 83.66% of the company’s stock.

Progressive Trading Up 1.1 %

Shares of PGR opened at $159.35 on Tuesday. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $161.98. The business’s fifty day moving average is $150.11 and its 200-day moving average is $137.14. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.33 and a current ratio of 0.33. The firm has a market cap of $93.23 billion, a price-to-earnings ratio of 34.57, a PEG ratio of 1.16 and a beta of 0.43.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, October 13th. The insurance provider reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.38. The business had revenue of $15.71 billion for the quarter, compared to analyst estimates of $15.66 billion. Progressive had a return on equity of 17.36% and a net margin of 4.67%. Equities analysts anticipate that The Progressive Co. will post 5.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Barclays increased their price objective on Progressive from $111.00 to $112.00 and gave the stock an “underweight” rating in a report on Monday. JPMorgan Chase & Co. increased their price objective on Progressive from $146.00 to $149.00 and gave the stock an “overweight” rating in a report on Monday, October 2nd. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Monday, October 16th. Bank of America decreased their price objective on Progressive from $203.00 to $199.00 in a report on Tuesday, October 3rd. Finally, Oppenheimer began coverage on Progressive in a research note on Thursday, November 16th. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $161.47.

Insider Buying and Selling at Progressive

In other Progressive news, Director Stuart B. Burgdoerfer sold 6,720 shares of the company’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $155.30, for a total value of $1,043,616.00. Following the sale, the director now owns 14,039 shares in the company, valued at approximately $2,180,256.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Jeffrey D. Kelly sold 15,000 shares of the business’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $150.00, for a total value of $2,250,000.00. Following the transaction, the director now directly owns 36,809 shares of the company’s stock, valued at approximately $5,521,350. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stuart B. Burgdoerfer sold 6,720 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $155.30, for a total value of $1,043,616.00. Following the transaction, the director now directly owns 14,039 shares in the company, valued at $2,180,256.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 69,021 shares of company stock worth $9,594,007. Insiders own 0.34% 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.