5,536 The Progressive Corporation $PGR Shares Bought by North Dakota State Investment Board

Key Points

• North Dakota State Investment Board increased its Progressive holdings by 31.8% in the third quarter, purchasing 5,536 shares and bringing its total to 22,961 shares valued at approximately $4.76 million.
• Institutional investors own 85.34% of Progressive, while company insiders sold 48,352 shares worth about $10.5 million over the past 90 days, primarily through pre-arranged Rule 10b5-1 plans.
• Progressive shares opened at $225.52, near the $234.45 analyst consensus target; analysts collectively rate the stock “Hold,” with nine Buy, 12 Hold and two Sell ratings.

North Dakota State Investment Board raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 31.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,961 shares of the insurance provider's stock after purchasing an additional 5,536 shares during the quarter. North Dakota State Investment Board's holdings in Progressive were worth $4,760,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Progressive during the 2nd quarter valued at about $10,496,271,000. State Street Corp lifted its holdings in shares of Progressive by 2.5% in the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock valued at $5,794,814,000 after acquiring an additional 656,249 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Progressive in the 2nd quarter valued at about $2,682,342,000. GQG Partners LLC purchased a new position in 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 position in 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 worth $1,482,010,000 after acquiring an additional 410,326 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,225 shares of the business's stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the transaction, the insider owned 28,807 shares in the company, valued at $6,433,179.24. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 company's stock in a transaction that occurred on Tuesday, September 1st. The shares were 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. This 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 48,352 shares of company stock valued at $10,524,258 in the last ninety days. 0.32% of the stock is owned by company insiders.

Progressive Price Performance

Progressive stock opened at $225.52 on Thursday. The firm has a 50-day moving average price of $217.17 and a 200-day moving average price of $209.13. The firm has a market capitalization of $131.11 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 2.74 and a beta of 0.25. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PGR. Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $228.00 price objective (up from $213.00) on shares of Progressive in a research note on Wednesday, August 19th. TD Cowen dropped their target price on Progressive from $266.00 to $222.00 and set a "hold" rating for the company in a report on Wednesday, July 29th. William Blair reiterated a "market perform" rating on shares of Progressive in a report on Wednesday, July 15th. Finally, Barclays boosted their target price on Progressive from $246.00 to $247.00 and gave the company an "overweight" rating in a research report on Wednesday, October 7th. Nine research analysts have rated the stock with a Buy rating, twelve have issued 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 price target of $234.45.

Progressive 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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