Capital Group Private Client Services Inc. Sells 121,663 Shares of The Progressive Corporation $PGR

Capital Group Private Client Services Inc. lessened its stake in The Progressive Corporation (NYSE:PGR) by 75.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,587 shares of the insurance provider’s stock after selling 121,663 shares during the period. Capital Group Private Client Services Inc.’s holdings in Progressive were worth $10,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Bell Investment Advisors Inc boosted its holdings in shares of Progressive by 20.8% in the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after buying an additional 44 shares in the last quarter. Maia Wealth LLC raised its stake in shares of Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after acquiring an additional 44 shares in the last quarter. Selective Wealth Management Inc. raised its stake in shares of Progressive by 2.1% during the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock worth $538,000 after acquiring an additional 45 shares in the last quarter. Liberty One Investment Management LLC lifted its position in Progressive by 3.8% during the third quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock valued at $319,000 after acquiring an additional 47 shares during the last quarter. Finally, True Wealth Design LLC lifted its position in Progressive by 20.8% during the third quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock valued at $69,000 after acquiring an additional 48 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PGR shares. Evercore set a $230.00 price target on shares of Progressive in a report on Thursday, February 19th. William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Mizuho set a $240.00 price objective on Progressive in a research report on Wednesday, January 14th. Piper Sandler restated an “overweight” rating and set a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Finally, Keefe, Bruyette & Woods upped their target price on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research report on Thursday, February 19th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $245.50.

Progressive Price Performance

NYSE PGR opened at $206.70 on Tuesday. The stock’s fifty day moving average price is $208.55 and its 200 day moving average price is $223.48. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The company has a market cap of $121.10 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 9.19 and a beta of 0.33.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Insider Activity

In other Progressive news, CAO Carl G. Joyce sold 141 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $29,892.00. Following the completion of the transaction, the chief accounting officer directly owned 828 shares of the company’s stock, valued at approximately $175,536. This trade represents a 14.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the sale, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 12,761 shares of company stock valued at $2,659,420. 0.33% of the stock is owned by insiders.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.