The Progressive Corporation $PGR Shares Acquired by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel increased its Progressive holdings by 3.5% in the third quarter, adding 9,178 shares for a total position of 273,510 shares valued at approximately $56.7 million.
• Institutional investors own 85.34% of Progressive’s stock, while insiders have sold 106,782 shares worth about $23.0 million over the past 90 days.
• Analysts maintain a consensus “Hold” rating with an average price target of $234.45; Progressive shares recently opened at $221.87 and pay a quarterly dividend of $0.10 per share.

Carnegie Investment Counsel lifted its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 273,510 shares of the insurance provider's stock after buying an additional 9,178 shares during the period. Progressive accounts for approximately 1.1% of Carnegie Investment Counsel's holdings, making the stock its 20th biggest position. Carnegie Investment Counsel's holdings in Progressive were worth $56,701,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Progressive in the 2nd quarter worth approximately $10,496,271,000. State Street Corp grew its stake 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 buying an additional 656,249 shares during the last quarter. Bank of America Corp DE bought a new position in Progressive during the 2nd quarter worth $2,682,342,000. GQG Partners LLC bought a new position in Progressive during the 2nd quarter worth $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Progressive by 6.4% in the second 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 worth $1,482,010,000 after buying an additional 410,326 shares during the period. Institutional investors own 85.34% of the company's stock.

Insider Activity

In other Progressive news, insider Karen Bailo sold 8,452 shares of the firm's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the transaction, the insider owned 32,348 shares of the company's stock, valued at approximately $6,880,743.08. This trade represents a 20.72% decrease in their position. The transaction was disclosed in a filing 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 Lori Niederst sold 7,339 shares of the business'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 sale, the insider owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 106,782 shares of company stock worth $22,965,332 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Barclays raised their target price on Progressive from $246.00 to $247.00 and gave the company an "overweight" rating in a research note on Wednesday, October 7th. Jefferies Financial Group reissued a "hold" rating and set a $228.00 price target (up from $213.00) on shares of Progressive in a report on Wednesday, August 19th. Piper Sandler upped their price target on shares of Progressive from $241.00 to $242.00 and gave the stock an "overweight" rating in a research report on Thursday, August 20th. The Goldman Sachs Group increased their price objective on shares of Progressive from $233.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, October 1st. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of Progressive in a research report on Thursday, October 15th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $234.45.

Progressive Price Performance

Shares of PGR opened at $221.87 on Wednesday. The Progressive Corporation has a one year low of $189.20 and a one year high of $239.38. The stock's fifty day moving average is $215.08 and its 200-day moving average is $209.84. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The firm has a market capitalization of $128.99 billion, a price-to-earnings ratio of 11.17, a price-to-earnings-growth ratio of 2.63 and a beta of 0.25.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid 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 (DPR) is presently 2.01%.

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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