The Progressive Corporation $PGR Stock: Strategic Planning Group LLC Trims Stake

Strategic Planning Group LLC lessened its position in shares of The Progressive Corporation (NYSE:PGR) by 43.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,963 shares of the insurance provider’s stock after selling 39,705 shares during the quarter. Strategic Planning Group LLC’s holdings in Progressive were worth $10,773,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Progressive in the second quarter valued at $10,496,271,000. State Street Corp boosted its stake in Progressive by 2.5% during the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock worth $5,794,814,000 after buying an additional 656,249 shares in the last quarter. Bank of America Corp DE acquired a new stake in Progressive during the second quarter worth $2,682,342,000. GQG Partners LLC bought a new stake in Progressive in the 2nd quarter valued at $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Progressive by 6.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock valued at $1,482,010,000 after buying an additional 410,326 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In related news, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the completion of the sale, the chief executive officer directly owned 485,438 shares of the company’s stock, valued at $106,553,641. This trade represents a 7.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the sale, the insider owned 42,567 shares in the company, valued at $8,908,847.43. The trade was a 14.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 106,782 shares of company stock valued at $22,965,332. 0.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PGR shares. Piper Sandler increased their price objective on shares of Progressive from $241.00 to $242.00 and gave the company an “overweight” rating in a research note on Thursday, August 20th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Keefe, Bruyette & Woods cut their price target on shares of Progressive from $252.00 to $246.00 and set an “outperform” rating for the company in a research note on Thursday, October 15th. JPMorgan Chase & Co. lifted their price objective on Progressive from $241.00 to $250.00 and gave the company a “neutral” rating in a report on Monday, October 5th. Finally, Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $234.45.

Progressive Stock Up 3.6%

Shares of NYSE PGR opened at $229.43 on Friday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The business has a fifty day moving average of $215.78 and a two-hundred day moving average of $210.27. The stock has a market cap of $133.38 billion, a PE ratio of 11.55, a PEG ratio of 2.65 and a beta of 0.25.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.