Investment House LLC Sells 20,800 Shares of The Progressive Corporation $PGR

Investment House LLC lessened its position in The Progressive Corporation (NYSE:PGR - Free Report) by 15.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 116,471 shares of the insurance provider's stock after selling 20,800 shares during the quarter. Progressive makes up about 1.1% of Investment House LLC's holdings, making the stock its 18th biggest holding. Investment House LLC's holdings in Progressive were worth $24,146,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new position in Progressive in the 2nd quarter worth approximately $10,496,271,000. State Street Corp grew its position in Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock worth $5,794,814,000 after purchasing an additional 656,249 shares in the last quarter. Bank of America Corp DE acquired a new stake in Progressive during the 2nd quarter valued at $2,682,342,000. GQG Partners LLC acquired a new stake in Progressive during the 2nd quarter valued at $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Progressive by 6.4% during 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 purchasing an additional 410,326 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Trading Up 3.6%

Progressive stock opened at $229.43 on Friday. The company's fifty day simple moving average is $215.78 and its 200-day simple moving average is $210.27. 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 Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38. The stock has a market cap of $133.38 billion, a P/E ratio of 11.55, a P/E/G ratio of 2.65 and a beta of 0.25.

Progressive Dividend Announcement

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

Analysts Set New Price Targets

PGR has been the subject of a number of research analyst reports. Weiss Ratings upgraded Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Keefe, Bruyette & Woods lowered their price target on Progressive from $252.00 to $246.00 and set an "outperform" rating on the stock in a report on Thursday, October 15th. Evercore set a $240.00 price target on Progressive in a research report on Friday, July 10th. TD Cowen dropped their price target on Progressive from $266.00 to $222.00 and set a "hold" rating on the stock in a research report on Wednesday, July 29th. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Progressive in a research note on Thursday, October 15th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $234.45.

Insider Transactions at Progressive

In other news, insider Lori A. Niederst sold 7,339 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares of the company's stock, valued at $8,908,847.43. This trade represents a 14.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Murphy sold 8,124 shares of the firm's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider directly owned 41,291 shares of the company's stock, valued at $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 106,782 shares of company stock valued at $22,965,332. Corporate insiders own 0.32% of the company's stock.

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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