Fifth Third Bancorp Sells 4,064 Shares of The Progressive Corporation $PGR

Fifth Third Bancorp lowered its stake in The Progressive Corporation (NYSE:PGR) by 2.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 191,579 shares of the insurance provider’s stock after selling 4,064 shares during the quarter. Fifth Third Bancorp’s holdings in Progressive were worth $39,716,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PGR. BlackRock Inc. purchased a new position in Progressive during the second quarter worth about $10,496,271,000. State Street Corp raised its stake in shares of Progressive by 2.5% in the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after acquiring an additional 656,249 shares during the period. Bank of America Corp DE purchased a new stake in shares of Progressive in the 2nd quarter valued at approximately $2,682,342,000. GQG Partners LLC purchased a new stake in shares of Progressive in the 2nd quarter valued at approximately $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Progressive by 6.4% in the 2nd 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 worth $1,482,010,000 after acquiring an additional 410,326 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $235.51 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market cap of $136.44 billion, a P/E ratio of 12.24, a P/E/G ratio of 2.70 and a beta of 0.22. The stock has a 50-day moving average of $219.72 and a two-hundred day moving average of $210.51. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $241.02.

Insider Activity at Progressive

In related news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the sale, the chief executive officer directly owned 485,438 shares of the company’s stock, valued at $106,553,641. This represents a 7.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $273,567.00. Following the sale, the insider directly owned 28,807 shares in the company, valued at approximately $6,433,179.24. The trade was a 4.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 41,013 shares of company stock valued at $8,988,278. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PGR shares. Roth Capital reaffirmed a “buy” rating and set a $245.00 price objective (up from $235.00) on shares of Progressive in a research report on Thursday, August 20th. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $241.00 to $250.00 and gave the company a “neutral” rating in a report on Monday, October 5th. Mizuho cut their target price on Progressive from $236.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 16th. HSBC restated a “hold” rating and set a $216.00 price target (down from $221.00) on shares of Progressive in a research note on Wednesday, October 7th. Finally, Jefferies Financial Group restated a “hold” rating and set a $228.00 price target (up from $213.00) on shares of Progressive in a research note on Wednesday, August 19th. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $234.45.

Progressive 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.