51,812 The Progressive Corporation $PGR Shares Sold by Vest Financial LLC

Key Points

• Vest Financial reduced its Progressive stake by 41.7% in the third quarter, selling 51,812 shares and retaining 72,454 shares valued at approximately $15.0 million.
• Progressive shares opened at $229.43, near their 12-month high, with a market capitalization of about $133.4 billion. Institutional investors own 85.34% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $234.45; Progressive also maintains a quarterly dividend of $0.10 per share.

Vest Financial LLC decreased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 41.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,454 shares of the insurance provider's stock after selling 51,812 shares during the quarter. Vest Financial LLC's holdings in Progressive were worth $15,020,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Progressive in the second quarter valued at about $10,496,271,000. State Street Corp boosted its position in shares of Progressive by 2.5% in the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock worth $5,794,814,000 after buying an additional 656,249 shares during the period. Bank of America Corp DE purchased a new stake in shares of Progressive in the second quarter worth about $2,682,342,000. GQG Partners LLC purchased a new stake in shares of Progressive in the second quarter worth about $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Progressive by 6.4% in 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 valued at $1,482,010,000 after buying an additional 410,326 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR stock opened at $229.43 on Friday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38. 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 $133.38 billion, a P/E ratio of 11.55, a P/E/G ratio of 2.65 and a beta of 0.25. The company's fifty day moving average price is $215.78 and its two-hundred day moving average price is $210.27.

Progressive Announces Dividend

The firm also recently announced 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive's payout ratio is presently 2.01%.

Wall Street Analysts Forecast Growth

PGR has been the topic of several analyst reports. Mizuho dropped their target price on Progressive from $236.00 to $230.00 and set a "neutral" rating on the stock in a report on Wednesday, September 16th. Weiss Ratings raised Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Raymond James Financial restated an "outperform" rating on shares of Progressive in a report on Friday, October 16th. Roth Capital restated 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. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $252.00 to $246.00 and set an "outperform" rating for the company in a research report on Thursday, October 15th. Nine investment 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 data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $234.45.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction that occurred on 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 directly owned 485,438 shares in the company, valued at $106,553,641. The trade was a 7.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the company's stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $204.29, for a total value of $250,255.25. Following the completion of the transaction, the insider directly owned 30,032 shares in the company, valued at approximately $6,135,237.28. The trade was a 3.92% 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. In the last 90 days, insiders sold 106,782 shares of company stock valued at $22,965,332. Company insiders own 0.32% of the company's stock.

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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