The Progressive Corporation $PGR Stock: Park Avenue Securities LLC Boosts Holdings

Park Avenue Securities LLC grew its stake in The Progressive Corporation (NYSE:PGR) by 16.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 27,384 shares of the insurance provider’s stock after purchasing an additional 3,816 shares during the quarter. Park Avenue Securities LLC’s holdings in Progressive were worth $5,677,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PGR. BlackRock Inc. bought a new stake in Progressive during the second quarter worth about $10,496,271,000. State Street Corp boosted its position in Progressive by 2.5% during the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after purchasing an additional 656,249 shares during the last quarter. Bank of America Corp DE acquired a new position in Progressive during the second quarter valued at approximately $2,682,342,000. GQG Partners LLC acquired a new position in Progressive during the second quarter valued at approximately $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Progressive by 6.4% in the second 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 purchasing an additional 410,326 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

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 value of $273,567.00. Following the transaction, the insider owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 transaction, the chief executive officer owned 485,438 shares in the company, valued at $106,553,641. The trade was a 7.14% 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. Insiders have sold a total of 48,352 shares of company stock worth $10,524,258 over the last ninety days. Insiders own 0.32% of the company’s stock.

Progressive Stock Down 0.0%

Shares of PGR stock opened at $225.52 on Thursday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38. The stock has a market cap of $131.11 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 2.74 and a beta of 0.25. The firm’s 50-day moving average is $217.17 and its 200-day moving average is $209.13. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31.

Progressive Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have weighed in on PGR shares. Barclays boosted their price target on Progressive from $246.00 to $247.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. UBS Group reiterated a “neutral” rating and set a $238.00 price objective on shares of Progressive in a research note on Monday, October 19th. Jefferies Financial Group reissued a “hold” rating and issued a $228.00 price objective (up from $213.00) on shares of Progressive in a report on Wednesday, August 19th. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. Finally, Wells Fargo & Company lowered their target price on shares of Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a report on Thursday, October 15th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $234.45.

Progressive 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.