Affinity Investment Advisors LLC Takes Position in The Progressive Co. (NYSE:PGR)

Affinity Investment Advisors LLC bought a new stake in The Progressive Co. (NYSE:PGR - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,878 shares of the insurance provider's stock, valued at approximately $730,000.

A number of other hedge funds have also made changes to their positions in PGR. SG Americas Securities LLC increased its stake in Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider's stock worth $145,858,000 after buying an additional 690,060 shares during the period. Canada Pension Plan Investment Board increased its stake in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider's stock worth $167,866,000 after buying an additional 686,433 shares during the period. Capital International Investors increased its stake in Progressive by 15.7% during the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider's stock worth $1,018,592,000 after buying an additional 670,006 shares during the period. International Assets Investment Management LLC increased its stake in Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider's stock worth $151,325,000 after buying an additional 594,330 shares during the period. Finally, Swedbank AB purchased a new stake in Progressive during the 1st quarter worth $116,852,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Down 0.0 %

Shares of Progressive stock traded down $0.11 during midday trading on Friday, reaching $242.72. 3,237,950 shares of the company's stock traded hands, compared to its average volume of 2,088,544. The company has a market cap of $142.15 billion, a price-to-earnings ratio of 17.64, a price-to-earnings-growth ratio of 0.67 and a beta of 0.36. The company's 50 day simple moving average is $250.88 and its 200 day simple moving average is $226.79. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46.

Progressive Announces Dividend

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 of this dividend 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 is currently 2.91%.

Analysts Set New Price Targets

PGR has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an "overweight" rating in a research note on Thursday, October 10th. Keefe, Bruyette & Woods boosted their target price 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. Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 7th. The Goldman Sachs Group boosted their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. Finally, Morgan Stanley boosted their target price on shares of Progressive from $300.00 to $310.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $263.19.

Insider Activity

In related news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm's stock in a transaction 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 2,981 shares of the firm's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is owned by corporate insiders.

About Progressive

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.