The Progressive Co. (NYSE:PGR) Shares Purchased by Mediolanum International Funds Ltd

25 Oct 2024, 18:32 by Danessa Lincoln · The Markets Daily

Mediolanum International Funds Ltd raised its stake in shares of The Progressive Co. (NYSE:PGR – Free Report) by 198.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 102,071 shares of the insurance provider’s stock after purchasing an additional 67,821 shares during the period. Mediolanum International Funds Ltd’s holdings in Progressive were worth $25,588,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Aviance Capital Partners LLC acquired a new position in Progressive during the first quarter worth approximately $3,628,000. Concurrent Investment Advisors LLC increased its position in Progressive by 66.4% during the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after purchasing an additional 2,719 shares during the last quarter. Diversified Trust Co increased its position in Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares during the last quarter. Councilmark Asset Management LLC acquired a new position in Progressive during the first quarter worth approximately $1,890,000. Finally, Sycomore Asset Management increased its position in Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after purchasing an additional 2,450 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of several research reports. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Barclays upped 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. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Piper Sandler increased their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Finally, The Goldman Sachs Group increased their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus price target of $263.19.

Check Out Our Latest Stock Analysis on PGR

Progressive Price Performance

Shares of PGR traded down $2.88 during mid-day trading on Friday, hitting $243.99. The company’s stock had a trading volume of 248,159 shares, compared to its average volume of 2,470,403. The firm has a 50-day moving average price of $250.14 and a 200 day moving average price of $224.95. The stock has a market capitalization of $142.90 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 0.68 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 directly owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 in the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Company Profile

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