The Progressive Corporation $PGR Stock: Maryland State Retirement & Pension System Raises Stake

Maryland State Retirement & Pension System boosted its holdings in The Progressive Corporation (NYSE:PGR) by 14.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,793 shares of the insurance provider’s stock after purchasing an additional 4,553 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Progressive were worth $7,420,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new stake in Progressive in the second quarter worth $76,260,000. State Street Corp raised its holdings in shares of Progressive by 2.5% during the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after purchasing an additional 656,249 shares during the period. Callan Family Office LLC acquired a new position in shares of Progressive during the second quarter valued at about $3,025,000. QRG Capital Management Inc. raised its holdings in shares of Progressive by 19.2% during the second quarter. QRG Capital Management Inc. now owns 86,011 shares of the insurance provider’s stock valued at $18,789,000 after purchasing an additional 13,850 shares during the period. Finally, Ipswich Investment Management Co. Inc. boosted its position in shares of Progressive by 21.3% during the 2nd quarter. Ipswich Investment Management Co. Inc. now owns 39,008 shares of the insurance provider’s stock worth $8,521,000 after purchasing an additional 6,844 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

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 cap of $136.44 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 2.70 and a beta of 0.22. The company’s fifty day moving average price is $219.72 and its two-hundred day moving average price is $210.51. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PGR. Raymond James Financial restated an “outperform” rating on shares of Progressive in a research note on Friday, October 16th. UBS Group reaffirmed a “neutral” rating and set a $238.00 price target on shares of Progressive in a research note on Monday, October 19th. Barclays upped their price target on Progressive from $246.00 to $247.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. Mizuho cut their price target on Progressive from $236.00 to $230.00 and set a “neutral” rating on the stock in a report on Wednesday, September 16th. Finally, TD Cowen reduced their price objective on Progressive from $266.00 to $222.00 and set a “hold” rating for the company in a research note on Wednesday, July 29th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus price target of $234.45.

Insider Activity

In related news, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the sale, the insider owned 28,807 shares in the company, valued at $6,433,179.24. This represents a 4.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 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 directly owned 485,438 shares in the company, valued at approximately $106,553,641. The trade was 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. Over the last three months, insiders have sold 41,013 shares of company stock valued at $8,988,278. 0.32% of the stock is currently owned by insiders.

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.