Renasant Bank increased its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 150.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,490 shares of the insurance provider’s stock after purchasing an additional 2,698 shares during the period. Renasant Bank’s holdings in Progressive were worth $931,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of PGR. Meeder Asset Management Inc. acquired a new position in shares of Progressive in the second quarter valued at about $26,000. IMG Wealth Management Inc. acquired a new stake in Progressive in the 2nd quarter worth about $26,000. Kilter Group LLC acquired a new stake in Progressive in the 2nd quarter worth about $27,000. Latitude Advisors LLC bought a new stake in Progressive in the 3rd quarter valued at about $27,000. Finally, Axiom Investment Management LLC bought a new stake in Progressive in the 1st quarter valued at about $31,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Progressive Price Performance
PGR stock opened at $231.35 on Wednesday. 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 Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $241.02. The firm has a market cap of $134.04 billion, a P/E ratio of 11.65, a P/E/G ratio of 2.63 and a beta of 0.22. The company’s 50-day moving average price is $219.18 and its two-hundred day moving average price is $210.23.
Insider Buying and Selling
In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the sale, the chief executive officer directly owned 485,438 shares in the company, valued at approximately $106,553,641. This represents a 7.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 48,352 shares of company stock worth $10,524,258. Corporate insiders own 0.32% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently commented on PGR shares. JPMorgan Chase & Co. raised their target price on shares of Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, October 5th. Mizuho cut their price target on Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday, September 16th. HSBC reiterated a “hold” rating and issued a $216.00 price target (down from $221.00) on shares of Progressive in a research note on Wednesday, October 7th. Piper Sandler increased their price target on Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, August 20th. Finally, Barclays raised their price objective on Progressive from $246.00 to $247.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $234.45.
Check Out Our Latest Stock Analysis on Progressive
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.
Featured Stories
- Five stocks we like better than Progressive
- Why Kinder Morgan’s Chairman Just Bought $15 Million in Stock
- Rocket Lab’s Record Backlog Could Fuel a Rebound, But Neutron Raises the Stakes
- Don’t Let Their Low Yields Fool You: 3 Dividend Stocks Worth Watching
- A $4 Billion Jolt: NRG Energy Powers Data Center Ambitions
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR – Free Report).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.
