The Progressive Corporation $PGR Shares Acquired by Inspire Investing LLC

Key Points

• Inspire Investing increased its Progressive stake by 10.6% in the third quarter, adding 10,094 shares to reach 104,928 shares valued at approximately $21.8 million. Institutional investors collectively own 85.34% of Progressive.
• Progressive insiders sold 106,782 shares worth about $23.0 million over the past 90 days, including two sales conducted under pre-arranged Rule 10b5-1 plans. Corporate insiders own just 0.32% of the company.
• Analyst sentiment remains mixed, with Progressive receiving an overall “Hold” rating and an average price target of $234.45. The stock opened at $228.14, while the company maintains a quarterly dividend of $0.10 per share.

Inspire Investing LLC grew its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 10.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 104,928 shares of the insurance provider's stock after acquiring an additional 10,094 shares during the period. Progressive comprises approximately 0.9% of Inspire Investing LLC's investment portfolio, making the stock its 10th biggest holding. Inspire Investing LLC's holdings in Progressive were worth $21,753,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Bogart Wealth LLC increased its holdings in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after purchasing an additional 87 shares during the period. IMG Wealth Management Inc. purchased a new stake in shares of Progressive in the 2nd quarter worth $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Progressive in the 2nd quarter worth $26,000. Kilter Group LLC bought a new position in shares of Progressive during the 2nd quarter worth $27,000. Finally, Axiom Investment Management LLC bought a new position in shares of Progressive during the 1st quarter worth $31,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Transactions at Progressive

In related news, insider John Murphy sold 8,124 shares of the business's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares in the company, valued at $8,782,595.70. The trade was a 16.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 32,348 shares of the company's stock, valued at $6,880,743.08. The trade was a 20.72% decrease in their position. 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. Over the last 90 days, insiders have sold 106,782 shares of company stock worth $22,965,332. 0.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on PGR shares. BMO Capital Markets restated a "market perform" rating on shares of Progressive in a report on Thursday, October 15th. UBS Group reaffirmed a "neutral" rating and issued a $238.00 price objective on shares of Progressive in a research note on Monday. Keefe, Bruyette & Woods dropped their target price on shares of Progressive from $252.00 to $246.00 and set an "outperform" rating on the stock in a report on Thursday, October 15th. Piper Sandler raised their target price on shares of Progressive from $241.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, August 20th. Finally, Wells Fargo & Company reduced their price target on shares of Progressive from $201.00 to $196.00 and set an "underweight" rating for the company in a report on Thursday, October 15th. Nine investment 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. According to MarketBeat.com, Progressive has an average rating of "Hold" and an average target price of $234.45.

Progressive Price Performance

PGR opened at $228.14 on Friday. The business's 50-day moving average is $216.15 and its two-hundred day moving average is $210.39. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $239.38. 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 firm has a market capitalization of $132.63 billion, a PE ratio of 11.49, a price-to-earnings-growth ratio of 2.75 and a beta of 0.25.

Progressive Dividend Announcement

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.