Cassia Capital Partners LLC Sells 4,633 Shares of The Progressive Corporation $PGR

Cassia Capital Partners LLC decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 80.2% in the 3rd quarter, Holdings Channel reports. The firm owned 1,145 shares of the insurance provider’s stock after selling 4,633 shares during the quarter. Cassia Capital Partners LLC’s holdings in Progressive were worth $237,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Progressive in the second quarter worth approximately $10,496,271,000. Bank of America Corp DE acquired a new position in Progressive in the second quarter valued at approximately $2,682,342,000. GQG Partners LLC acquired a new position in Progressive in the second quarter valued at approximately $1,538,570,000. Deutsche Bank AG acquired a new position in Progressive in the second quarter valued at approximately $1,098,838,000. Finally, Jupiter Topco LLC bought a new position in shares of Progressive during the 2nd quarter worth approximately $935,172,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 1.7%

Shares of NYSE:PGR opened at $231.35 on Wednesday. The business’s 50 day simple moving average is $219.18 and its two-hundred day simple moving average is $210.23. The firm has a market cap of $134.04 billion, a P/E ratio of 11.65, a PEG ratio of 2.63 and a beta of 0.22. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $241.02.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Thursday, October 15th. Jefferies Financial Group reiterated a “hold” rating and set a $228.00 target price (up from $213.00) on shares of Progressive in a research report on Wednesday, August 19th. UBS Group reissued a “neutral” rating and set a $238.00 target price on shares of Progressive in a research note on Monday, October 19th. Piper Sandler raised their price target on shares of Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Finally, Keefe, Bruyette & Woods decreased 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. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $234.45.

Insider Transactions at Progressive

In related news, insider Lori 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 transaction, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction on Tuesday, September 1st. The shares were 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 approximately $106,553,641. The trade was a 7.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 48,352 shares of company stock valued at $10,524,258 over the last ninety days. 0.32% of the stock is owned by company insiders.

Progressive 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.