The Progressive Corporation $PGR Stock: Russell Investments Group Ltd. Reduces Holdings

Russell Investments Group Ltd. reduced its stake in The Progressive Corporation (NYSE:PGR) by 18.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 813,657 shares of the insurance provider’s stock after selling 180,165 shares during the period. Russell Investments Group Ltd.’s holdings in Progressive were worth $168,859,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PGR. Bank of Nova Scotia bought a new stake in shares of Progressive during the 2nd quarter worth approximately $76,260,000. State Street Corp boosted its position in shares of 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 acquiring an additional 656,249 shares in the last quarter. Callan Family Office LLC bought a new position in Progressive in the second quarter valued at approximately $3,025,000. QRG Capital Management Inc. increased its stake in Progressive by 19.2% in the second quarter. QRG Capital Management Inc. now owns 86,011 shares of the insurance provider’s stock valued at $18,789,000 after acquiring an additional 13,850 shares during the last quarter. Finally, Ipswich Investment Management Co. Inc. raised 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 purchasing an additional 6,844 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,225 shares of the business’s stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the sale, the insider owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. The trade was a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the company’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 transaction, the chief executive officer owned 485,438 shares of the company’s stock, valued at $106,553,641. This trade represents a 7.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 41,013 shares of company stock worth $8,988,278 in the last 90 days. 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. JPMorgan Chase & Co. upped their target price on Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, October 5th. UBS Group reiterated a “neutral” rating and issued a $238.00 price target on shares of Progressive in a research note on Monday, October 19th. Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 price target (up from $213.00) on shares of Progressive in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods lowered their price target on Progressive from $252.00 to $246.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. Finally, TD Cowen dropped their price objective on Progressive from $266.00 to $222.00 and set a “hold” rating for the company in a research report on Wednesday, July 29th. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $234.45.

Progressive Price Performance

PGR stock opened at $235.51 on Friday. The company has a 50 day simple moving average of $219.72 and a 200 day simple moving average of $210.51. The stock has a market cap of $136.44 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 2.70 and a beta of 0.22. The Progressive Corporation has a 1 year low of $189.20 and a 1 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.

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.