Aberdeen Group plc Purchases 9,262,715 Shares of The Progressive Corporation $PGR

Key Points

• Aberdeen Group plc sharply increased its Progressive stake, acquiring 9.26 million shares in the third quarter to hold 9.75 million shares, valued at about $2.02 billion.
• Progressive insiders sold a combined 41,013 shares worth approximately $8.99 million during the last quarter; both reported sales were made under pre-arranged trading plans.
• Analyst sentiment was broadly neutral: the consensus rating was “Hold,” with an average price target of $234.45.

Aberdeen Group plc boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 1,884.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,754,316 shares of the insurance provider's stock after acquiring an additional 9,262,715 shares during the quarter. Progressive accounts for about 2.1% of Aberdeen Group plc's holdings, making the stock its 9th biggest holding. Aberdeen Group plc owned 1.68% of Progressive worth $2,022,167,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Valmark Advisers Inc. boosted its holdings in Progressive by 1.9% in the third quarter. Valmark Advisers Inc. now owns 3,433 shares of the insurance provider's stock valued at $712,000 after purchasing an additional 65 shares in the last quarter. Allworth Financial LP raised its holdings in Progressive by 4.7% during the third quarter. Allworth Financial LP now owns 9,987 shares of the insurance provider's stock worth $2,182,000 after purchasing an additional 448 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Progressive by 7.9% during the 3rd quarter. Fisher Asset Management LLC now owns 6,484 shares of the insurance provider's stock worth $1,344,000 after buying an additional 472 shares during the last quarter. Legacy Trust lifted its position in shares of Progressive by 6.1% during the 3rd quarter. Legacy Trust now owns 990 shares of the insurance provider's stock worth $205,000 after buying an additional 57 shares during the last quarter. Finally, Barr E S & Co. boosted its holdings in shares of Progressive by 10.6% in the 3rd quarter. Barr E S & Co. now owns 1,041 shares of the insurance provider's stock valued at $216,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,225 shares of the stock in a transaction 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 sale, the insider owned 28,807 shares of the company's stock, valued at $6,433,179.24. This trade represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Progressive 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 sale, the chief executive officer owned 485,438 shares of the company's stock, 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. In the last quarter, insiders have sold 41,013 shares of company stock worth $8,988,278. 0.32% of the stock is owned by insiders.

Progressive Stock Down 0.0%

PGR stock opened at $235.47 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company's 50-day moving average price is $219.95 and its 200 day moving average price is $210.64. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $241.02. The company has a market cap of $136.42 billion, a P/E ratio of 11.86, a P/E/G ratio of 2.73 and a beta of 0.22.

Analyst Ratings Changes

PGR has been the subject of several research reports. BMO Capital Markets reissued a "market perform" rating on shares of Progressive in a report on Thursday, October 15th. Barclays increased their price objective on Progressive from $246.00 to $247.00 and gave the company an "overweight" rating in a report on Wednesday, October 7th. Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. JPMorgan Chase & Co. raised their target price on shares of Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a research report on Monday, October 5th. Finally, Cantor Fitzgerald dropped their price objective on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research note on Monday, August 17th. Nine 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's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $234.45.

About Progressive

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage. The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.

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