M&G PLC Buys 7,076 Shares of The Progressive Corporation $PGR

M&G PLC increased its stake in The Progressive Corporation (NYSE:PGR) by 6.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 123,707 shares of the insurance provider’s stock after buying an additional 7,076 shares during the quarter. M&G PLC’s holdings in Progressive were worth $25,607,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PGR. AlphaCore Capital LLC boosted its stake in shares of Progressive by 14.3% during the 3rd quarter. AlphaCore Capital LLC now owns 3,305 shares of the insurance provider’s stock worth $685,000 after purchasing an additional 414 shares during the period. Joseph Group Capital Management raised its position in Progressive by 3.2% in the 3rd quarter. Joseph Group Capital Management now owns 24,524 shares of the insurance provider’s stock worth $5,084,000 after purchasing an additional 766 shares during the period. Fulcrum Asset Management LLP raised its position in Progressive by 65.1% in the 3rd quarter. Fulcrum Asset Management LLP now owns 4,679 shares of the insurance provider’s stock worth $985,000 after purchasing an additional 1,845 shares during the period. StoneRidge PMG Advisors LLC purchased a new stake in Progressive in the 3rd quarter worth about $634,000. Finally, Beverly Hills Private Wealth LLC lifted its stake in Progressive by 37.4% in the third quarter. Beverly Hills Private Wealth LLC now owns 5,126 shares of the insurance provider’s stock worth $1,063,000 after purchasing an additional 1,394 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Mizuho dropped their target price on Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, September 16th. UBS Group reaffirmed a “neutral” rating and set a $238.00 target price on shares of Progressive in a research note on Monday, October 19th. Roth Capital reiterated a “buy” rating and issued a $245.00 price target (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. JPMorgan Chase & Co. raised their price target on Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, October 5th. Finally, HSBC reissued a “hold” rating and set a $216.00 price target (down from $221.00) on shares of Progressive 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 issued a Sell rating to the company. According to MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average target price of $234.45.

Insiders Place Their Bets

In other Progressive news, insider Lori Niederst sold 7,339 shares of the firm’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 transaction, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This trade represents 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, 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 transaction, the chief executive officer directly owned 485,438 shares in the company, valued at $106,553,641. This trade 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. Insiders have sold a total of 48,352 shares of company stock worth $10,524,258 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Progressive Stock Performance

PGR stock opened at $227.83 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The business has a 50-day moving average price of $218.92 and a 200 day moving average price of $210.11. The company has a market capitalization of $131.99 billion, a P/E ratio of 11.47, a PEG ratio of 2.71 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.

About Progressive

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.