144,110 Shares of The Progressive Corporation $PGR Purchased by Maj Invest Holding A S

Key Points

• Maj Invest Holding A S purchased 144,110 shares of Progressive in the third quarter, valued at approximately $29.9 million and representing about 1.3% of its portfolio.
• Institutional investors own 85.34% of Progressive, while insiders sold 48,352 shares worth approximately $10.5 million over the past 90 days, primarily under pre-arranged trading plans.
• Analysts have a consensus “Hold” rating and a $234.45 price target; Progressive recently traded at $225.52 and pays a quarterly dividend of $0.10 per share.

Maj Invest Holding A S purchased a new stake in The Progressive Corporation (NYSE:PGR - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 144,110 shares of the insurance provider's stock, valued at approximately $29,877,000. Progressive comprises about 1.3% of Maj Invest Holding A S's portfolio, making the stock its 21st largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Unique Wealth LLC raised its position in Progressive by 4.3% during the second quarter. Unique Wealth LLC now owns 1,240 shares of the insurance provider's stock valued at $271,000 after purchasing an additional 51 shares during the period. Brown Miller Wealth Management LLC lifted its stake in shares of Progressive by 2.4% in the 2nd quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider's stock valued at $517,000 after purchasing an additional 55 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its stake in shares of Progressive by 1.4% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 4,072 shares of the insurance provider's stock valued at $890,000 after purchasing an additional 55 shares during the last quarter. Eastern Bank lifted its stake in shares of Progressive by 0.7% in the 3rd quarter. Eastern Bank now owns 8,416 shares of the insurance provider's stock valued at $1,745,000 after purchasing an additional 55 shares during the last quarter. Finally, Sunbelt Securities Inc. boosted its holdings in shares of Progressive by 7.1% in the 1st quarter. Sunbelt Securities Inc. now owns 857 shares of the insurance provider's stock worth $170,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity

In other news, insider Steven Broz sold 1,225 shares of the stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total value of $273,567.00. Following the sale, the insider directly owned 28,807 shares in the company, valued at approximately $6,433,179.24. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through 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 company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 48,352 shares of company stock valued at $10,524,258. 0.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Evercore set a $240.00 target price on Progressive in a research report on Friday, July 10th. Weiss Ratings upgraded Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Cantor Fitzgerald lowered their price target on Progressive from $220.00 to $200.00 and set a "neutral" rating for the company in a research report on Monday, August 17th. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a research note on Monday, October 5th. Finally, Barclays lifted their price objective on shares of Progressive from $246.00 to $247.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $234.45.

Progressive Stock Performance

Progressive stock opened at $225.52 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29. The firm has a market capitalization of $131.11 billion, a P/E ratio of 11.36, a price-to-earnings-growth ratio of 2.74 and a beta of 0.25. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $239.38. The company's 50-day moving average is $217.17 and its 200 day moving average is $209.13.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a dividend of $0.10 per share. 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 is currently 2.01%.

Progressive Company Profile

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.

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