Aware Super Pty Ltd as trustee of Aware Super Makes New $3.32 Million Investment in The Progressive Corporation $PGR

Key Points

• Aware Super opened a new position in Progressive, buying 16,033 shares valued at approximately $3.32 million during the third quarter.
• Institutional investors own 85.34% of Progressive shares. Analysts’ consensus rating is Hold, with an average price target of $234.45.
• Progressive shares opened at $229.13, within a 12-month range of $189.20 to $239.38; company insiders have sold 48,352 shares worth about $10.52 million over the past 90 days.

Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 16,033 shares of the insurance provider's stock, valued at approximately $3,324,000.

Several other hedge funds have also recently bought and sold shares of PGR. BlackRock Inc. purchased a new stake in shares of Progressive in the second quarter worth approximately $10,496,271,000. State Street Corp grew its position in Progressive by 2.5% during the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock valued at $5,794,814,000 after purchasing an additional 656,249 shares in the last quarter. Bank of America Corp DE purchased a new position in Progressive during the second quarter valued at approximately $2,682,342,000. GQG Partners LLC purchased a new position in Progressive during the second quarter valued at approximately $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Progressive by 6.4% in the 2nd 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 during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on PGR. Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $190.00 to $210.00 in a research note on Friday, July 24th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a research note on Monday, October 5th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $228.00 price target (up from $213.00) on shares of Progressive in a research note on Wednesday, August 19th. Piper Sandler increased their price objective on Progressive from $241.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, August 20th. Finally, Weiss Ratings raised Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $234.45.

Insider Activity

In related news, insider Lori A. Niederst sold 7,339 shares of the company's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, the insider directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 48,352 shares of company stock worth $10,524,258. 0.32% of the stock is owned by corporate insiders.

Progressive Price Performance

NYSE PGR opened at $229.13 on Wednesday. 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 stock has a market capitalization of $133.21 billion, a PE ratio of 11.54, a price-to-earnings-growth ratio of 2.70 and a beta of 0.22. The company has a 50 day moving average price of $218.04 and a two-hundred day moving average price of $209.55. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38.

Progressive Dividend Announcement

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

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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