Candriam S.C.A. Sells 51,127 Shares of The Progressive Corporation $PGR

Candriam S.C.A. reduced its position in shares of The Progressive Corporation (NYSE:PGR) by 41.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,294 shares of the insurance provider’s stock after selling 51,127 shares during the period. Candriam S.C.A.’s holdings in Progressive were worth $14,834,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. acquired a new stake in Progressive during the second quarter worth approximately $26,000. IMG Wealth Management Inc. purchased a new stake in Progressive in the 2nd quarter worth approximately $26,000. Kilter Group LLC acquired a new position in Progressive in the 2nd quarter valued at $27,000. Latitude Advisors LLC acquired a new position in Progressive in the 3rd quarter valued at $27,000. Finally, Axiom Investment Management LLC acquired a new position in Progressive in the 1st quarter valued at $31,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PGR. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $190.00 to $210.00 in a research note on Friday, July 24th. JPMorgan Chase & Co. lifted their price objective on Progressive from $241.00 to $250.00 and gave the company a “neutral” rating in a research report on Monday, October 5th. UBS Group reiterated a “neutral” rating and issued a $238.00 target price on shares of Progressive in a research note on Monday, October 19th. Piper Sandler increased 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. Finally, Wells Fargo & Company decreased their price target on Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a research note on Thursday, October 15th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus target price of $234.45.

Insider Activity

In other news, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction 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 completion of the sale, the insider directly owned 28,807 shares in the company, valued at $6,433,179.24. This represents a 4.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% 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. Insiders sold 48,352 shares of company stock valued at $10,524,258 in the last ninety days. Company insiders own 0.32% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $227.83 on Tuesday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market cap of $131.99 billion, a P/E ratio of 12.31, a P/E/G ratio of 2.71 and a beta of 0.22. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $241.02. The firm’s 50 day moving average is $218.92 and its two-hundred day moving average is $210.11.

Progressive Company 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.

Progressive serves customers across the United States.