The Progressive Co. (NYSE:PGR) Shares Purchased by Asahi Life Asset Management CO. LTD.

28 Oct 2024, 15:23 by Sarita Garza · The Markets Daily

Asahi Life Asset Management CO. LTD. boosted its stake in The Progressive Co. (NYSE:PGR – Free Report) by 101.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,535 shares of the insurance provider’s stock after purchasing an additional 1,275 shares during the period. Asahi Life Asset Management CO. LTD.’s holdings in Progressive were worth $643,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Cavalier Investments LLC increased its holdings in Progressive by 6.7% in the 3rd quarter. Cavalier Investments LLC now owns 16,570 shares of the insurance provider’s stock valued at $4,205,000 after purchasing an additional 1,035 shares in the last quarter. OMNI 360 Wealth Inc. grew its stake in shares of Progressive by 27.8% during the third quarter. OMNI 360 Wealth Inc. now owns 3,910 shares of the insurance provider’s stock valued at $992,000 after acquiring an additional 850 shares in the last quarter. Park Edge Advisors LLC grew its stake in shares of Progressive by 47.1% during the third quarter. Park Edge Advisors LLC now owns 4,826 shares of the insurance provider’s stock valued at $1,225,000 after acquiring an additional 1,545 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Progressive by 6.8% during the third quarter. State of Alaska Department of Revenue now owns 68,034 shares of the insurance provider’s stock valued at $17,264,000 after acquiring an additional 4,345 shares in the last quarter. Finally, Goldstein Advisors LLC acquired a new stake in shares of Progressive during the third quarter valued at about $280,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

NYSE PGR traded up $0.27 during trading hours on Monday, reaching $244.05. The company’s stock had a trading volume of 179,676 shares, compared to its average volume of 2,465,863. The business has a 50-day simple moving average of $250.50 and a 200 day simple moving average of $225.61. The stock has a market cap of $142.94 billion, a PE ratio of 24.97, a PEG ratio of 0.68 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analyst Weigh In

PGR has been the subject of several recent analyst reports. Jefferies Financial Group raised their target price on 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 raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Wells Fargo & Company increased their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Keefe, Bruyette & Woods increased their price target on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays increased their price target on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $263.19.

Check Out Our Latest Analysis on Progressive

Insider Activity

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Progressive news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction that occurred 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 transaction, the insider now owns 45,787 shares in the company, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,843 shares of company stock valued at $18,674,912. Insiders own 0.34% of the company’s stock.

Progressive Company Profile

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