9,467 The Progressive Corporation $PGR Shares Purchased by Sterling Capital Management LLC

Key Points

• Sterling Capital Management increased its Progressive stake by 424.7% in the third quarter, purchasing 9,467 additional shares and bringing its holdings to 11,696 shares valued at approximately $2.43 million. Institutional investors collectively own 85.34% of the company.
• Progressive insiders sold 50,626 shares worth roughly $11.02 million over the past 90 days, including sales by the CFO and CEO executed under pre-arranged Rule 10b5-1 plans.
• Analysts maintain a consensus “Hold” rating with an average price target of $234.45, while Progressive recently paid a quarterly dividend of $0.10 per share.

Sterling Capital Management LLC lifted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 424.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,696 shares of the insurance provider's stock after purchasing an additional 9,467 shares during the period. Sterling Capital Management LLC's holdings in Progressive were worth $2,425,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PGR. BlackRock Inc. bought a new position in Progressive during the 2nd quarter valued at approximately $10,496,271,000. Bank of America Corp DE bought a new stake in shares of Progressive in the 2nd quarter worth approximately $2,682,342,000. GQG Partners LLC bought a new stake in shares of Progressive in the 2nd quarter worth approximately $1,538,570,000. Deutsche Bank AG purchased a new position in shares of Progressive during the second quarter valued at approximately $1,098,838,000. Finally, Jupiter Topco LLC purchased a new position in shares of Progressive during the second quarter valued at approximately $935,172,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares in the company, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 business's stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. 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 a total of 50,626 shares of company stock worth $11,020,471 in the last ninety days. 0.32% of the stock is owned by company insiders.

Progressive Stock Up 0.0%

Shares of Progressive stock opened at $228.14 on Monday. 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 company has a 50-day moving average of $216.15 and a 200 day moving average of $210.49. The firm has a market cap of $132.63 billion, a price-to-earnings ratio of 11.49, a PEG 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.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on PGR. JPMorgan Chase & Co. upped their target price on Progressive from $241.00 to $250.00 and gave the company a "neutral" rating in a report on Monday, October 5th. William Blair reiterated a "market perform" rating on shares of Progressive in a report on Wednesday, July 15th. Jefferies Financial Group reiterated a "hold" rating and issued a $228.00 price target (up from $213.00) on shares of Progressive in a report on Wednesday, August 19th. Piper Sandler boosted their price objective on shares of Progressive from $241.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, August 20th. Finally, Wells Fargo & Company decreased their price objective on shares of Progressive from $201.00 to $196.00 and set an "underweight" rating for the company in a report on Thursday, October 15th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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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