The Progressive Corporation $PGR Holdings Lifted by Sumitomo Mitsui Trust Group Inc.

Key Points

• Institutional ownership increased: Sumitomo Mitsui Trust Group raised its Progressive stake by 3.7% to 1.54 million shares, while institutional investors and hedge funds collectively own 85.34% of the company.
• Analyst outlook remains mixed: Recent price targets were generally raised, but consensus remains a “Hold,” with an average target price of $234.45.
• Insiders have been selling shares: Progressive insiders sold 48,352 shares worth approximately $10.5 million over the past 90 days, while the stock recently traded at $231.20 and paid a quarterly dividend of $0.10 per share.

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,536,149 shares of the insurance provider's stock after acquiring an additional 54,722 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Progressive worth $318,459,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PGR. Mirae Asset Global Investments Co. Ltd. acquired a new position in Progressive in the 3rd quarter worth $44,856,000. Profund Advisors LLC raised its stake in shares of Progressive by 10.8% in the 3rd quarter. Profund Advisors LLC now owns 5,655 shares of the insurance provider's stock valued at $1,172,000 after purchasing an additional 550 shares during the period. Vise Technologies Inc. raised its stake in shares of Progressive by 18.7% in the 3rd quarter. Vise Technologies Inc. now owns 30,590 shares of the insurance provider's stock valued at $6,342,000 after purchasing an additional 4,823 shares during the period. Cidel Asset Management Inc. lifted its holdings in shares of Progressive by 10.8% in the third quarter. Cidel Asset Management Inc. now owns 3,151 shares of the insurance provider's stock valued at $653,000 after purchasing an additional 306 shares in the last quarter. Finally, Aprio Wealth Management LLC lifted its holdings in shares of Progressive by 3.2% in the third quarter. Aprio Wealth Management LLC now owns 1,889 shares of the insurance provider's stock valued at $392,000 after purchasing an additional 58 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Bank of America upped their price objective on Progressive from $302.00 to $314.00 in a research report on Thursday, October 1st. HSBC reissued a "hold" rating and issued a $216.00 target price (down from $221.00) on shares of Progressive in a research report on Wednesday, October 7th. JPMorgan Chase & Co. boosted their target price on Progressive from $241.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, October 5th. Barclays upped their price target on Progressive from $246.00 to $247.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 7th. Finally, Piper Sandler raised their price target on shares of Progressive from $241.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, August 20th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $234.45.

Insider Activity at Progressive

In other news, CEO Susan Griffith sold 37,338 shares of the company'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 transaction of $8,195,691.00. Following the sale, the chief executive officer owned 485,438 shares in the company, valued at $106,553,641. This represents a 7.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 that occurred on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the sale, the insider directly owned 28,807 shares of the company's stock, valued at approximately $6,433,179.24. The trade was a 4.08% 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. Over the last ninety days, insiders sold 48,352 shares of company stock valued at $10,524,258. Insiders own 0.32% of the company's stock.

Progressive Trading Up 0.4%

Progressive stock opened at $231.20 on Friday. The company has a market cap of $134.41 billion, a price-to-earnings ratio of 11.64, a P/E/G ratio of 2.67 and a beta of 0.25. The firm has a 50-day moving average of $217.64 and a 200-day moving average of $209.28. 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 Progressive Corporation has a one year low of $189.20 and a one year high of $239.38.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is 2.01%.

About Progressive

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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