4,633 The Progressive Corporation $PGR Shares Sold by Cassia Capital Partners LLC

Cassia Capital Partners LLC decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 80.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,145 shares of the insurance provider’s stock after selling 4,633 shares during the period. Cassia Capital Partners LLC’s holdings in Progressive were worth $237,000 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. BlackRock Inc. acquired a new stake in Progressive in the second quarter valued at about $10,496,271,000. State Street Corp grew its position in Progressive by 2.5% in the second 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 last quarter. Bank of America Corp DE bought a new position in Progressive in the second quarter valued at about $2,682,342,000. GQG Partners LLC acquired a new position in Progressive during the second quarter worth about $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Progressive by 6.4% during the second 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 in the last quarter. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on PGR. Piper Sandler increased their target price on shares of Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Raymond James Financial reaffirmed an “outperform” rating on shares of Progressive in a report on Friday, October 16th. Jefferies Financial Group reiterated a “hold” rating and set a $228.00 price objective (up from $213.00) on shares of Progressive in a research report on Wednesday, August 19th. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research note on Thursday, October 15th. Finally, Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $190.00 to $210.00 in a research report on Friday, July 24th. 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 company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average target price of $234.45.

Progressive Price Performance

Progressive stock opened at $231.35 on Wednesday. The stock has a 50-day moving average price of $219.18 and a two-hundred day moving average price of $210.23. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $241.02. The company has a market capitalization of $134.04 billion, a PE ratio of 11.65, a P/E/G ratio of 2.63 and a beta of 0.22. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Insider Activity

In related news, insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the transaction, the insider owned 28,807 shares in the company, valued at $6,433,179.24. This trade represents a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 owned 485,438 shares in the company, valued at approximately $106,553,641. This represents a 7.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 over the last quarter. 0.32% of the stock is owned by company insiders.

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.