The Progressive Corporation $PGR Shares Acquired by Legal & General Group Plc

Legal & General Group Plc increased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,998,508 shares of the insurance provider’s stock after acquiring an additional 98,537 shares during the quarter. Legal & General Group Plc’s holdings in Progressive were worth $1,067,042,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PGR. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive during the 2nd quarter worth approximately $33,000. Westside Investment Management Inc. lifted its position in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares in the last quarter. Ransom Advisory Ltd acquired a new position in Progressive during the first quarter worth $35,000. Activest Wealth Management grew its holdings in Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares in the last quarter. Finally, Richardson Financial Services Inc. increased its stake in shares of Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR opened at $225.92 on Friday. The stock’s 50-day moving average price is $229.32 and its 200 day moving average price is $249.07. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The firm has a market cap of $132.48 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.19 and a beta of 0.29. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter last year, the company earned $3.58 earnings per share. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $220.00, for a total transaction of $295,900.00. Following the sale, the insider owned 29,043 shares of the company’s stock, valued at approximately $6,389,460. This represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 41,987 shares of company stock valued at $10,257,508 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on PGR. Jefferies Financial Group lowered shares of Progressive from a “buy” rating to a “hold” rating and dropped their price objective for the company from $261.00 to $232.00 in a report on Friday, November 14th. Keefe, Bruyette & Woods dropped their price target on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a research note on Wednesday, November 5th. Bank of America reduced their price target on shares of Progressive from $351.00 to $346.00 and set a “buy” rating on the stock in a research report on Wednesday. Weiss Ratings lowered Progressive from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, November 14th. Finally, Barclays reduced their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $265.71.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.