The Progressive Corporation $PGR Stock Holdings Lifted by Grantham Mayo Van Otterloo & Co. LLC

Grantham Mayo Van Otterloo & Co. LLC grew its position in shares of The Progressive Corporation (NYSE:PGR) by 876.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 44,294 shares of the insurance provider’s stock after acquiring an additional 39,756 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Progressive were worth $10,938,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Illinois Municipal Retirement Fund lifted its holdings in Progressive by 30.2% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after purchasing an additional 23,833 shares during the last quarter. Allstate Corp grew its holdings in Progressive by 1,614.1% during the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock valued at $5,334,000 after purchasing an additional 20,338 shares during the last quarter. Gateway Investment Advisers LLC raised its position in shares of 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 shares of Progressive by 40.6% in the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock valued at $4,159,000 after purchasing an additional 4,865 shares during the period. Finally, Arkadios Wealth Advisors lifted its stake in shares of Progressive by 471.3% in the third 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 last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a report on Thursday, February 19th. HSBC lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Piper Sandler restated an “overweight” rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Morgan Stanley lowered their price target on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. Finally, William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $245.50.

Insider Transactions at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of Progressive 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. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider directly owned 32,348 shares in the company, valued at $6,857,776. This trade represents a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 12,761 shares of company stock valued at $2,659,420 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $206.70 on Tuesday. The stock has a 50 day moving average of $208.55 and a two-hundred day moving average of $223.48. 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 company has a market capitalization of $121.10 billion, a P/E ratio of 10.74, a P/E/G ratio of 9.19 and a beta of 0.33.

Progressive Announces Dividend

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

Progressive Company 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.