Tokio Marine Asset Management Co. Ltd. Purchases 693 Shares of The Progressive Co. (NYSE:PGR)

Tokio Marine Asset Management Co. Ltd. grew its stake in shares of The Progressive Co. (NYSE:PGR) by 5.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,827 shares of the insurance provider’s stock after buying an additional 693 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Progressive were worth $2,202,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in shares of Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after buying an additional 2,666,449 shares in the last quarter. Bank of New York Mellon Corp raised its position in Progressive by 10.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock worth $963,463,000 after purchasing an additional 655,706 shares during the period. Northern Trust Corp raised its position in Progressive by 2.8% in the 3rd quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock worth $833,410,000 after purchasing an additional 162,916 shares during the period. Deutsche Bank AG raised its position in Progressive by 2.9% in the 3rd quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock worth $785,814,000 after purchasing an additional 156,332 shares during the period. Finally, Invesco Ltd. raised its position in Progressive by 31.8% in the 3rd quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock worth $666,004,000 after purchasing an additional 1,154,591 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,139 shares of company stock valued at $7,458,139. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PGR. BMO Capital Markets lifted their target price on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. TD Cowen started coverage on shares of Progressive in a research report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 target price on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Wells Fargo & Company boosted their price objective on shares of Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $211.88.

Progressive Stock Performance

Progressive stock traded down $1.25 during midday trading on Thursday, reaching $210.95. 747,042 shares of the company traded hands, compared to its average volume of 2,596,007. The firm has a market capitalization of $123.55 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 0.85 and a beta of 0.35. The business has a 50 day moving average of $201.66 and a two-hundred day moving average of $176.83. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $216.21. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.65 earnings per share. As a group, research analysts predict that The Progressive Co. will post 11.22 earnings per share for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s payout ratio is 4.09%.

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.