The Progressive Corporation $PGR Stock Sold by Investment House LLC

Investment House LLC reduced its stake in The Progressive Corporation (NYSE:PGR) by 15.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 116,471 shares of the insurance provider’s stock after selling 20,800 shares during the quarter. Progressive makes up 1.1% of Investment House LLC’s investment portfolio, making the stock its 18th largest holding. Investment House LLC’s holdings in Progressive were worth $24,146,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Meeder Asset Management Inc. acquired a new position in shares of Progressive during the 2nd quarter worth about $26,000. IMG Wealth Management Inc. bought a new stake in Progressive in the 2nd quarter valued at $26,000. Bogart Wealth LLC grew its position in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the last quarter. Kilter Group LLC acquired a new stake in Progressive in the 2nd quarter worth $27,000. Finally, HHM Wealth Advisors LLC grew its position in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction that occurred on Tuesday, September 1st. The stock was 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 approximately $106,553,641. The trade was a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. The trade was a 7.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 106,782 shares of company stock valued at $22,965,332. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several research reports. Weiss Ratings upgraded shares of Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. The Goldman Sachs Group increased their target price on shares of Progressive from $233.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, October 1st. Piper Sandler lifted their target price on Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, August 20th. Roth Capital restated a “buy” rating and set a $245.00 price target (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. Finally, Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $234.45.

Progressive Trading Up 3.6%

Shares of Progressive stock opened at $229.43 on Friday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38. The firm has a market capitalization of $133.38 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 2.65 and a beta of 0.25. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29. The company’s fifty day moving average price is $215.78 and its two-hundred day moving average price is $210.27.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s dividend payout ratio is 2.01%.

About Progressive

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.