Commerzbank Aktiengesellschaft FI Grows Stock Position in The Progressive Co. (NYSE:PGR)

Commerzbank Aktiengesellschaft FI lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 47.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,921 shares of the insurance provider’s stock after buying an additional 942 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Progressive were worth $742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of PGR. Davis Capital Management purchased a new stake in shares of Progressive during the third quarter worth approximately $25,000. WR Wealth Planners LLC raised its stake in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive during the first quarter worth approximately $32,000. Hilltop National Bank raised its stake in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC purchased a new position in Progressive in the first quarter worth $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.4 %

PGR opened at $247.25 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market cap of $144.81 billion, a P/E ratio of 17.97, a PEG ratio of 0.69 and a beta of 0.35. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46. The business’s fifty day simple moving average is $250.14 and its 200 day simple moving average is $224.95.

Progressive Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is currently 2.91%.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction 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 $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock valued at $18,674,912 over the last quarter. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PGR shares. Wells Fargo & Company increased their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Barclays increased their price objective on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Finally, StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Thursday. Six 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $263.19.

Progressive 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.