The Progressive Corporation $PGR Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Progressive stake by 33.2% in the third quarter, selling 114,546 shares and retaining 230,338 shares valued at about $48.6 million.
• Progressive insiders sold 48,352 shares worth approximately $10.5 million over three months; the disclosed sales were made under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment was mixed, with a consensus Hold rating and an average price target of $234.45; nine analysts rated the stock Buy, 12 Hold, and two Sell.

Allspring Global Investments Holdings LLC lessened its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 33.2% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 230,338 shares of the insurance provider's stock after selling 114,546 shares during the period. Allspring Global Investments Holdings LLC's holdings in Progressive were worth $48,592,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Bank of Nova Scotia purchased a new position in Progressive during the second quarter valued at $76,260,000. State Street Corp increased its position in Progressive by 2.5% in the second 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 in the last quarter. Callan Family Office LLC bought a new stake in Progressive during the 2nd quarter worth approximately $3,025,000. QRG Capital Management Inc. lifted its holdings in Progressive by 19.2% during the second quarter. QRG Capital Management Inc. now owns 86,011 shares of the insurance provider's stock valued at $18,789,000 after purchasing an additional 13,850 shares in the last quarter. Finally, Ipswich Investment Management Co. Inc. lifted its holdings in Progressive by 21.3% during the second quarter. Ipswich Investment Management Co. Inc. now owns 39,008 shares of the insurance provider's stock valued at $8,521,000 after purchasing an additional 6,844 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Activity

In related news, insider Lori Niederst sold 7,339 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 dated Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value 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 approximately $106,553,641. This 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. In the last three months, insiders have sold 48,352 shares of company stock worth $10,524,258. 0.32% of the stock is currently owned by corporate insiders.

Progressive Trading Up 1.7%

Shares of PGR opened at $231.35 on Wednesday. The stock has a market capitalization of $134.04 billion, a PE ratio of 11.65, a P/E/G ratio of 2.63 and a beta of 0.22. The company's fifty day moving average is $219.18 and its 200 day moving average is $210.23. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $241.02.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Progressive from $302.00 to $314.00 in a research note on Thursday, October 1st. Piper Sandler raised their price objective 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. Barclays upped their price objective on Progressive from $246.00 to $247.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 7th. TD Cowen reduced their price objective on shares of Progressive from $266.00 to $222.00 and set a "hold" rating on the stock in a research report on Wednesday, July 29th. Finally, William Blair reissued a "market perform" rating on shares of Progressive in a report on Wednesday, July 15th. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $234.45.

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.

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