Legal & General Group Plc Has $1.04 Billion Position in The Progressive Corporation $PGR

Legal & General Group Plc increased its position in shares of The Progressive Corporation (NYSE:PGR) by 4.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,196,111 shares of the insurance provider’s stock after acquiring an additional 197,603 shares during the period. Legal & General Group Plc owned about 0.72% of Progressive worth $1,036,230,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PGR. Illinois Municipal Retirement Fund grew its stake in shares of Progressive by 30.2% during the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after buying an additional 23,833 shares during the last quarter. Allstate Corp grew its stake in shares of Progressive by 1,614.1% in the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after purchasing an additional 20,338 shares during the last quarter. Gateway Investment Advisers LLC increased its holdings in Progressive by 91.7% in the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock valued at $2,892,000 after purchasing an additional 5,600 shares during the period. Mather Group LLC. raised its position in Progressive by 40.6% during the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after purchasing an additional 4,865 shares during the last quarter. Finally, Arkadios Wealth Advisors lifted its holdings in Progressive by 471.3% during the 3rd quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock worth $5,556,000 after buying an additional 18,558 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

PGR opened at $206.70 on Tuesday. The stock has a market capitalization of $121.10 billion, a P/E ratio of 10.74, a PEG ratio of 9.19 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99. The stock has a 50-day moving average price of $208.55 and a 200-day moving average price of $223.48.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.08%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. reduced their price target on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $257.00 to $265.00 in a research note on Thursday, January 8th. Piper Sandler restated an “overweight” rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Roth Mkm set a $235.00 price objective on Progressive in a report on Thursday, February 19th. Finally, Wells Fargo & Company cut their price target on shares of Progressive from $220.00 to $214.00 and set an “equal weight” rating on the stock in a report on Thursday, February 19th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus target price of $245.50.

Insider Buying and Selling

In related news, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider owned 39,626 shares in the company, valued at $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,761 shares of company stock valued at $2,659,420 over the last three months. Insiders own 0.33% of the company’s stock.

Progressive Profile

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.