The Progressive Co. (NYSE:PGR) Stock Position Lifted by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 198.0% during the third quarter, HoldingsChannel.com reports. The firm owned 102,071 shares of the insurance provider’s stock after acquiring an additional 67,821 shares during the period. Mediolanum International Funds Ltd’s holdings in Progressive were worth $25,588,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Davis Capital Management purchased a new position in Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC grew its position in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO purchased a new position in Progressive during the first quarter valued at approximately $32,000. Hilltop National Bank grew its position in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new position in Progressive during the first quarter valued at approximately $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

NYSE:PGR traded down $2.88 during trading hours on Friday, hitting $243.99. 248,159 shares of the company traded hands, compared to its average volume of 2,470,403. The stock has a market capitalization of $142.90 billion, a price-to-earnings ratio of 17.71, a P/E/G ratio of 0.68 and a beta of 0.35. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $260.46. The firm has a 50-day moving average of $250.14 and a 200 day moving average of $224.95. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s payout ratio is currently 2.91%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,843 shares of company stock worth $18,674,912 in the last ninety days. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PGR. Barclays lifted their target price on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group lifted their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Evercore ISI lifted their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company lifted their target price on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $263.19.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.