The Progressive Corporation $PGR Stock Sold by ProShare Advisors LLC

ProShare Advisors LLC lessened its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.7% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 126,962 shares of the insurance provider’s stock after selling 3,581 shares during the period. ProShare Advisors LLC’s holdings in Progressive were worth $26,320,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bogart Wealth LLC grew its position in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares during the period. IMG Wealth Management Inc. bought a new position in shares of Progressive during the second quarter valued at $26,000. Meeder Asset Management Inc. bought a new position in shares of Progressive during the second quarter valued at $26,000. Kilter Group LLC bought a new position in shares of Progressive during the second quarter valued at $27,000. Finally, Latitude Advisors LLC acquired a new stake in shares of Progressive in the 3rd quarter valued at $27,000. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $234.36 on Tuesday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38. The stock has a 50-day moving average price of $217.94 and a 200 day moving average price of $209.43. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The firm has a market cap of $136.25 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 2.61 and a beta of 0.25.

Progressive Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares of the company’s stock, valued at $8,908,847.43. The trade was a 14.71% decrease in their position. 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. Over the last 90 days, insiders sold 48,352 shares of company stock worth $10,524,258. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Evercore set a $240.00 target price on shares of Progressive in a report on Friday, July 10th. William Blair reiterated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Mizuho cut their price target on shares of Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, September 16th. Piper Sandler boosted their price target on shares of Progressive from $241.00 to $242.00 and gave the company an “overweight” rating in a research report on Thursday, August 20th. Finally, Weiss Ratings raised shares of Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. 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 stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average price target of $234.45.

About Progressive

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.