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

Park Avenue Securities LLC boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 16.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,384 shares of the insurance provider’s stock after purchasing an additional 3,816 shares during the period. Park Avenue Securities LLC’s holdings in Progressive were worth $5,677,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PGR. BlackRock Inc. bought a new stake in shares of Progressive during the second quarter worth $10,496,271,000. State Street Corp increased its stake in shares of Progressive by 2.5% in 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 buying an additional 656,249 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Progressive in the second quarter valued at $2,682,342,000. GQG Partners LLC bought a new position in shares of Progressive in the second quarter valued at about $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 buying an additional 410,326 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

PGR opened at $225.52 on Thursday. 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 Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38. The company has a fifty day simple moving average of $217.17 and a 200 day simple moving average of $209.13. The stock has a market cap of $131.11 billion, a P/E ratio of 11.36, a P/E/G ratio of 2.74 and a beta of 0.25.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were given 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 of this dividend was Thursday, October 1st. Progressive’s dividend payout ratio is currently 2.01%.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,225 shares of Progressive 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 sale, the insider owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. This trade represents a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the transaction, the insider directly owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 48,352 shares of company stock valued at $10,524,258 over the last three months. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PGR. Keefe, Bruyette & Woods dropped their target price on shares of Progressive from $252.00 to $246.00 and set an “outperform” rating for the company in a research note on Thursday, October 15th. Weiss Ratings raised shares of Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. TD Cowen decreased their price target on shares of Progressive from $266.00 to $222.00 and set a “hold” rating on the stock in a research note on Wednesday, July 29th. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a report on Thursday, October 15th. Finally, Roth Capital restated a “buy” rating and issued a $245.00 price objective (up from $235.00) on shares of Progressive in a research report on Thursday, August 20th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $234.45.

Progressive Company 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.