First Trust Direct Indexing L.P. Has $6.64 Million Holdings in The Progressive Co. (NYSE:PGR)

First Trust Direct Indexing L.P. raised its position in The Progressive Co. (NYSE:PGR) by 13.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,154 shares of the insurance provider’s stock after buying an additional 3,011 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Progressive were worth $6,637,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. SG Americas Securities LLC boosted its position in shares of 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 acquiring an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Progressive by 548.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after purchasing an additional 686,433 shares during the last quarter. Capital International Investors raised its holdings in shares of 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 in the last quarter. International Assets Investment Management LLC lifted its position in shares of 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 last quarter. Finally, Swedbank AB acquired a new stake in Progressive in the first quarter valued at about $116,852,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Up 0.5 %

Shares of NYSE:PGR traded up $1.11 during midday trading on Wednesday, reaching $242.79. The company’s stock had a trading volume of 392,295 shares, compared to its average volume of 2,456,703. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46. 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 firm has a 50 day moving average price of $250.69 and a two-hundred day moving average price of $226.17. The firm has a market capitalization of $142.19 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 0.67 and a beta of 0.35.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued 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 of this dividend was Thursday, October 3rd. Progressive’s payout ratio is 2.91%.

Insider Transactions at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction 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 completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This 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 hyperlink. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,843 shares of company stock valued at $18,674,912 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. Keefe, Bruyette & Woods boosted their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Bank of America raised their target price on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 24th. Citigroup cut their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Finally, BMO Capital Markets lowered their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $263.19.

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.