The Progressive Corporation $PGR Shares Acquired by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 14.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,793 shares of the insurance provider’s stock after acquiring an additional 4,553 shares during the period. Maryland State Retirement & Pension System’s holdings in Progressive were worth $7,420,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Progressive in the 2nd quarter worth $10,496,271,000. Bank of America Corp DE purchased a new stake in shares of Progressive in the second quarter valued at about $2,682,342,000. GQG Partners LLC purchased a new stake in shares of Progressive in the second quarter valued at about $1,538,570,000. Deutsche Bank AG bought a new position in shares of Progressive during the second quarter valued at about $1,098,838,000. Finally, Jupiter Topco LLC bought a new position in shares of Progressive during the second quarter valued at about $935,172,000. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In related news, CEO Susan Griffith sold 37,338 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the completion of the transaction, 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. The transaction was disclosed in a filing 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, insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the sale, the insider owned 28,807 shares of the company’s stock, valued at $6,433,179.24. This trade represents a 4.08% decrease in their position. 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 a total of 41,013 shares of company stock worth $8,988,278 over the last three months. 0.32% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on PGR shares. Weiss Ratings upgraded shares of Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. UBS Group reiterated a “neutral” rating and issued a $238.00 price objective on shares of Progressive in a research note on Monday, October 19th. The Goldman Sachs Group lifted their target price on shares of Progressive from $233.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 1st. Finally, Raymond James Financial restated an “outperform” rating on shares of Progressive in a research note on Friday, October 16th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $234.45.

Progressive Stock Up 0.8%

Shares of NYSE:PGR opened at $235.51 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $241.02. The company has a market capitalization of $136.44 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 2.70 and a beta of 0.22. The business has a fifty day moving average price of $219.72 and a two-hundred day moving average price of $210.51. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

About Progressive

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.