78,143 The Progressive Corporation $PGR Shares Sold by Cooke & Bieler LP

Key Points

• Cooke & Bieler LP reduced its Progressive position by 34.2% in the third quarter, selling 78,143 shares and retaining 150,023 shares valued at approximately $31.1 million. Institutional investors and hedge funds collectively own 85.34% of the company.
• Progressive shares opened at $221.59, down 0.2%, with a 12-month range of $189.20 to $239.38. Analysts have a consensus “Hold” rating and an average price target of $234.45.
• The company paid a quarterly dividend of $0.10 per share, equivalent to an annualized dividend of $0.40 and a 0.2% yield; insiders sold $22.97 million of stock over the past three months.

Cooke & Bieler LP cut its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 34.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,023 shares of the insurance provider's stock after selling 78,143 shares during the period. Cooke & Bieler LP's holdings in Progressive were worth $31,101,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Albion Financial Group UT raised its holdings in Progressive by 6.9% in the 3rd quarter. Albion Financial Group UT now owns 1,215 shares of the insurance provider's stock worth $252,000 after acquiring an additional 78 shares during the period. Sowell Financial Services LLC boosted its holdings in Progressive by 8.2% during the third quarter. Sowell Financial Services LLC now owns 2,969 shares of the insurance provider's stock valued at $616,000 after acquiring an additional 226 shares during the period. Quadrant Capital Group LLC boosted its holdings in Progressive by 1.3% during the third quarter. Quadrant Capital Group LLC now owns 11,241 shares of the insurance provider's stock valued at $2,505,000 after acquiring an additional 141 shares during the period. Physician Wealth Advisors Inc. boosted its holdings in Progressive by 31.3% during the third quarter. Physician Wealth Advisors Inc. now owns 419 shares of the insurance provider's stock valued at $87,000 after acquiring an additional 100 shares during the period. Finally, Carnegie Investment Counsel grew its holdings in Progressive by 3.5% in the 3rd quarter. Carnegie Investment Counsel now owns 273,510 shares of the insurance provider's stock valued at $56,701,000 after buying an additional 9,178 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Down 0.2%

Shares of PGR stock opened at $221.59 on Thursday. The company has a market capitalization of $128.83 billion, a P/E ratio of 11.63, a P/E/G ratio of 2.66 and a beta of 0.25. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average price of $215.37 and a 200 day moving average price of $210.03.

Progressive Dividend Announcement

The business 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 was Thursday, October 1st. Progressive's dividend payout ratio is presently 2.01%.

Insider Activity at Progressive

In other Progressive news, insider John Murphy sold 8,124 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider owned 41,291 shares of the company's stock, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 stock in a transaction 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 completion of the transaction, the chief executive officer owned 485,438 shares in the company, valued at $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. Insiders sold 106,782 shares of company stock valued at $22,965,332 in the last three months. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Piper Sandler increased their price target on shares of Progressive from $241.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, August 20th. Mizuho dropped their price objective on shares of Progressive from $236.00 to $230.00 and set a "neutral" rating on the stock in a report on Wednesday, September 16th. Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $190.00 to $210.00 in a report on Friday, July 24th. The Goldman Sachs Group upped their price objective on shares of Progressive from $233.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, October 1st. Finally, Roth Capital reiterated a "buy" rating and issued a $245.00 target price (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $234.45.

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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