StoneRidge PMG Advisors LLC acquired a new position in The Progressive Corporation (NYSE:PGR – Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,058 shares of the insurance provider’s stock, valued at approximately $634,000.
Other institutional investors have also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. acquired a new stake in shares of Progressive during the second quarter worth $26,000. Meeder Asset Management Inc. bought a new position in shares of Progressive in the 2nd quarter worth about $26,000. Kilter Group LLC acquired a new position in shares of Progressive in the 2nd quarter valued at about $27,000. Latitude Advisors LLC acquired a new position in shares of Progressive in the 3rd quarter valued at about $27,000. Finally, Axiom Investment Management LLC acquired a new position in shares of Progressive in the 1st quarter valued at about $31,000. Institutional investors own 85.34% of the company’s stock.
Progressive Stock Performance
PGR stock opened at $227.96 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market capitalization of $132.07 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 2.63 and a beta of 0.22. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $241.02. The stock’s fifty day moving average is $218.74 and its two-hundred day moving average is $209.98.
Wall Street Analysts Forecast Growth
PGR has been the subject of a number of recent research reports. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Cantor Fitzgerald cut their target price on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, August 17th. Mizuho decreased their target price on Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday, September 16th. Barclays upped their target price on Progressive from $246.00 to $247.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. Finally, UBS Group reiterated a “neutral” rating and set a $238.00 price target on shares of Progressive in a research report on Monday, October 19th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $234.45.
View Our Latest Stock Analysis on Progressive
Insider Transactions at Progressive
In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the transaction, the insider directly owned 42,567 shares of the company’s stock, valued at $8,908,847.43. The trade was a 14.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the business’s stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the transaction, the insider directly owned 28,807 shares of the company’s stock, valued at $6,433,179.24. The trade was a 4.08% 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 quarter, insiders sold 48,352 shares of company stock worth $10,524,258. Insiders own 0.32% of the company’s stock.
Progressive 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.
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