The Progressive Corporation $PGR Shares Acquired by Aberdeen Group plc

Aberdeen Group plc boosted its position in The Progressive Corporation (NYSE:PGR) by 1,884.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 9,754,316 shares of the insurance provider’s stock after acquiring an additional 9,262,715 shares during the quarter. Progressive makes up 2.1% of Aberdeen Group plc’s investment portfolio, making the stock its 9th biggest position. Aberdeen Group plc’s holdings in Progressive were worth $2,022,167,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new position in shares of Progressive in the 2nd quarter valued at about $76,260,000. State Street Corp raised its stake in Progressive by 2.5% during the second 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 during the period. Callan Family Office LLC acquired a new position in Progressive in the second quarter valued at approximately $3,025,000. QRG Capital Management Inc. boosted its position in Progressive by 19.2% during 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 period. Finally, Ipswich Investment Management Co. Inc. boosted its holdings in shares of 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 period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction 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 sale, the insider directly owned 28,807 shares in the company, valued at $6,433,179.24. This trade represents a 4.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 business’s stock in a transaction dated Tuesday, September 1st. The shares were 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. This 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 a total of 41,013 shares of company stock worth $8,988,278 over the last quarter. 0.32% of the stock is currently owned by company insiders.

Progressive Price Performance

PGR opened at $235.47 on Friday. The stock has a fifty day moving average price of $219.95 and a 200 day moving average price of $210.64. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $241.02. The stock has a market cap of $136.42 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 2.73 and a beta of 0.22.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research reports. Piper Sandler increased their price target on Progressive from $241.00 to $242.00 and gave the company an “overweight” rating in a research note on Thursday, August 20th. HSBC restated a “hold” rating and set a $216.00 price target (down from $221.00) on shares of Progressive in a report on Wednesday, October 7th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $252.00 to $246.00 and set an “outperform” rating on the stock in a research note 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, The Goldman Sachs Group raised their price objective on Progressive from $233.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 1st. Nine research 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, the company has a consensus rating of “Hold” and a consensus price target of $234.45.

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.