The Progressive Corporation $PGR Shares Newly Acquired by CenterBook Partners LP

Key Points

• CenterBook Partners initiated a position in Progressive, buying 9,310 shares worth approximately $1.93 million in the third quarter. Institutional investors collectively own 85.34% of the insurer’s stock.
• Analysts have an overall Hold consensus, with a $234.45 average price target; nine rate the stock Buy, 12 Hold, and two Sell.
• Progressive insiders sold 48,352 shares worth about $10.52 million over the past 90 days. The reported CEO and insider sales were made under pre-arranged trading plans.

CenterBook Partners LP bought a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 9,310 shares of the insurance provider's stock, valued at approximately $1,930,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Progressive in the second quarter worth about $10,496,271,000. Bank of America Corp DE bought a new position in Progressive during the second quarter worth about $2,682,342,000. GQG Partners LLC bought a new position in Progressive during the second quarter worth about $1,538,570,000. Deutsche Bank AG bought a new position in Progressive during the second quarter worth about $1,098,838,000. Finally, Jupiter Topco LLC acquired a new stake in Progressive during the second quarter valued at approximately $935,172,000. Institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

PGR has been the topic of several analyst reports. William Blair reiterated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Roth Capital reissued a "buy" rating and issued a $245.00 target price (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. Morgan Stanley upgraded Progressive from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. Weiss Ratings raised Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Finally, JPMorgan Chase & Co. boosted their price target on Progressive from $241.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, October 5th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Progressive has an average rating of "Hold" and a consensus price target of $234.45.

Insider Buying and Selling at Progressive

In other news, insider Lori A. Niederst sold 7,339 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The shares were 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 owned 42,567 shares of the company's stock, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the completion of the transaction, the chief executive officer owned 485,438 shares of the company's stock, valued at $106,553,641. This trade represents a 7.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 48,352 shares of company stock worth $10,524,258 over the last ninety days. Corporate insiders own 0.32% of the company's stock.

Progressive Trading Up 0.1%

Shares of Progressive stock opened at $227.96 on Monday. The stock has a market capitalization of $132.07 billion, a P/E ratio of 11.48, a price-to-earnings-growth ratio of 2.63 and a beta of 0.22. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a 50-day simple moving average of $218.74 and a 200 day simple moving average of $209.98. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $241.02.

About Progressive

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage.

The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.

Progressive serves customers across the United States.

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