4,473 The Progressive Corporation $PGR Shares Purchased by AIA Group Ltd

Key Points

• AIA Group increased its Progressive stake by 11.6% in the third quarter, buying 4,473 shares to reach 43,094 shares valued at about $8.9 million.
• Institutional investors and hedge funds own 85.34% of Progressive shares. Company insiders sold 48,352 shares worth roughly $10.5 million over the past 90 days, under pre-arranged trading plans.
• Analysts’ consensus rating is Hold, with an average price target of $234.45; nine analysts rate the stock Buy, 12 Hold, and two Sell.

AIA Group Ltd increased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 11.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,094 shares of the insurance provider's stock after purchasing an additional 4,473 shares during the period. AIA Group Ltd's holdings in Progressive were worth $8,934,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Third View Private Wealth LLC lifted its holdings in Progressive by 3.3% during the 3rd quarter. Third View Private Wealth LLC now owns 2,198 shares of the insurance provider's stock valued at $456,000 after purchasing an additional 71 shares during the last quarter. Provenance Wealth Advisors LLC grew its stake in Progressive by 3,169.2% during the third quarter. Provenance Wealth Advisors LLC now owns 425 shares of the insurance provider's stock worth $88,000 after buying an additional 412 shares during the last quarter. First Nebraska Trust Co bought a new stake in Progressive during the third quarter worth about $445,000. Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in shares of Progressive during the third quarter worth approximately $3,324,000. Finally, Signature Equity Partners LLC increased its holdings in shares of Progressive by 22.5% during the third quarter. Signature Equity Partners LLC now owns 484 shares of the insurance provider's stock worth $100,000 after buying an additional 89 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,225 shares of the company's stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the transaction, the insider directly owned 28,807 shares of the company's stock, valued at approximately $6,433,179.24. This represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 stock in a transaction dated 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 owned 485,438 shares of the company's stock, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their position. 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 over the last ninety days. Company insiders own 0.32% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Morgan Stanley upgraded Progressive from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. UBS Group reiterated a "neutral" rating and issued a $238.00 price objective on shares of Progressive in a research report on Monday, October 19th. Cantor Fitzgerald reduced their price objective on Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research note on Monday, August 17th. Roth Capital restated a "buy" rating and set a $245.00 target price (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. Finally, TD Cowen lowered their target price 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 issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $234.45.

Progressive Price Performance

Shares of PGR opened at $229.13 on Wednesday. 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 stock has a 50 day simple moving average of $218.04 and a 200 day simple moving average of $209.55. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38. The firm has a market capitalization of $133.21 billion, a PE ratio of 11.54, a P/E/G ratio of 2.70 and a beta of 0.22.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.01%.

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.

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