The Progressive Corporation $PGR Stock Purchased by Ethic Inc.

Ethic Inc. grew its stake in The Progressive Corporation (NYSE:PGR) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,992 shares of the insurance provider’s stock after purchasing an additional 2,283 shares during the period. Ethic Inc.’s holdings in Progressive were worth $18,449,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Bank of Nova Scotia bought a new position in Progressive in the 2nd quarter valued at approximately $76,260,000. State Street Corp lifted its holdings in Progressive by 2.5% during the 2nd 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 during the period. Callan Family Office LLC acquired a new position in shares of Progressive in the second quarter worth approximately $3,025,000. QRG Capital Management Inc. boosted its stake in shares of Progressive by 19.2% in the 2nd quarter. QRG Capital Management Inc. now owns 86,011 shares of the insurance provider’s stock valued at $18,789,000 after purchasing an additional 13,850 shares during the last quarter. Finally, Ipswich Investment Management Co. Inc. boosted its position in Progressive by 21.3% during the second quarter. Ipswich Investment Management Co. Inc. now owns 39,008 shares of the insurance provider’s stock valued at $8,521,000 after acquiring an additional 6,844 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the transaction, the insider directly owned 28,807 shares of the company’s stock, valued at $6,433,179.24. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the transaction, the chief executive officer owned 485,438 shares in the company, valued at approximately $106,553,641. This represents a 7.14% decrease in their ownership of the stock. 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 quarter, insiders sold 48,352 shares of company stock valued at $10,524,258. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of several recent analyst reports. Bank of America raised their target price on Progressive from $302.00 to $314.00 in a research note on Thursday, October 1st. Mizuho dropped their price target on Progressive from $236.00 to $230.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 16th. Keefe, Bruyette & Woods cut their price target on Progressive from $252.00 to $246.00 and set an “outperform” rating on the stock in a report on Thursday, October 15th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Thursday, October 15th. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of Progressive in a research report on Friday, October 16th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $234.45.

Progressive Stock Performance

Shares of Progressive stock opened at $227.96 on Friday. The business has a 50-day simple moving average of $218.74 and a 200 day simple moving average of $209.98. The Progressive Corporation has a one year low of $189.20 and a one year high of $241.02. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market capitalization of $132.07 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 2.63 and a beta of 0.22.

Progressive Company Profile

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage.

The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.

Progressive serves customers across the United States.