AIA Group Ltd Has $30.04 Million Holdings in The Progressive Co. (NYSE:PGR)

AIA Group Ltd raised its position in The Progressive Co. (NYSE:PGR) by 3.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 145,226 shares of the insurance provider’s stock after purchasing an additional 5,293 shares during the quarter. Progressive accounts for approximately 1.0% of AIA Group Ltd’s holdings, making the stock its 24th largest holding. AIA Group Ltd’s holdings in Progressive were worth $30,036,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Progressive in the fourth quarter valued at approximately $1,078,831,000. Wellington Management Group LLP lifted its stake in Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after acquiring an additional 2,666,449 shares during the last quarter. 1832 Asset Management L.P. grew its holdings in Progressive by 237.8% during the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after purchasing an additional 1,045,883 shares during the period. Confluence Investment Management LLC bought a new position in shares of Progressive during the 1st quarter worth approximately $188,642,000. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Progressive by 279.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock valued at $129,237,000 after purchasing an additional 597,401 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on PGR shares. Wells Fargo & Company increased their price target on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Bank of America decreased their price objective on Progressive from $281.00 to $276.00 and set a “buy” rating on the stock in a report on Thursday. HSBC lifted their target price on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. UBS Group upped their price target on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $218.50.

Progressive Price Performance

NYSE PGR traded up $1.48 on Friday, hitting $213.30. 2,264,914 shares of the company’s stock were exchanged, compared to its average volume of 2,566,587. The stock has a 50-day moving average of $209.57 and a 200-day moving average of $197.10. The stock has a market cap of $124.93 billion, a price-to-earnings ratio of 21.83, a P/E/G ratio of 0.82 and a beta of 0.35. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $217.77. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 EPS. Analysts expect that The Progressive Co. will post 11.23 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s payout ratio is currently 4.09%.

Insider Activity at Progressive

In other news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction on Wednesday, April 17th. The stock was 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 in the company, valued at approximately $1,494,976.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the transaction, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,518 shares of company stock valued at $7,159,674. 0.34% of the stock is owned by 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.