The Progressive Corporation $PGR Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Decreases Position

VIRGINIA RETIREMENT SYSTEMS ET Al cut its position in The Progressive Corporation (NYSE:PGR) by 9.3% during the third quarter, HoldingsChannel.com reports. The fund owned 443,454 shares of the insurance provider’s stock after selling 45,546 shares during the period. Progressive makes up 0.6% of VIRGINIA RETIREMENT SYSTEMS ET Al’s portfolio, making the stock its 27th largest position. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Progressive were worth $91,932,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Progressive in the 2nd quarter valued at $10,496,271,000. State Street Corp boosted its stake in Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock worth $5,794,814,000 after purchasing an additional 656,249 shares during the last quarter. Bank of America Corp DE acquired a new stake in Progressive during the 2nd quarter worth $2,682,342,000. GQG Partners LLC purchased a new stake in shares of Progressive during the second quarter worth $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 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 buying an additional 410,326 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 dated 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 of the company’s stock, valued at approximately $106,553,641. The trade was a 7.14% 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. Insiders have sold a total of 48,352 shares of company stock worth $10,524,258 in the last quarter. Company insiders own 0.32% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $231.20 on Friday. The stock’s fifty day moving average is $217.64 and its two-hundred day moving average is $209.28. The firm has a market capitalization of $134.41 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 2.66 and a beta of 0.25. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $239.38.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.01%.

Analyst Ratings Changes

PGR has been the subject of a number of recent research reports. Evercore set a $240.00 target price on shares of Progressive in a research report on Friday, July 10th. UBS Group restated a “neutral” rating and set a $238.00 price target on shares of Progressive in a research report on Monday, October 19th. Raymond James Financial reaffirmed an “outperform” rating on shares of Progressive in a research note on Friday, October 16th. Barclays upped their price objective on shares of Progressive from $246.00 to $247.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Finally, Weiss Ratings upgraded shares of Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus price target of $234.45.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.