The Progressive Corporation $PGR Shares Sold by Andrew Hill Investment Advisors Inc.

Key Points

• Andrew Hill Investment Advisors cut its Progressive stake by 38.6% in the third quarter, selling 6,823 shares and retaining 10,842 shares valued at approximately $2.25 million.
• Institutional investors and hedge funds own 85.34% of Progressive, while company insiders have sold 106,782 shares worth roughly $23 million over the past 90 days.
• Progressive shares recently opened at $228.14, near their 12-month high, while analysts maintain a consensus “Hold” rating with an average price target of $234.45.

Andrew Hill Investment Advisors Inc. reduced its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 38.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,842 shares of the insurance provider's stock after selling 6,823 shares during the quarter. Progressive comprises 1.8% of Andrew Hill Investment Advisors Inc.'s portfolio, making the stock its 20th biggest holding. Andrew Hill Investment Advisors Inc.'s holdings in Progressive were worth $2,248,000 at the end of the most recent quarter.

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

Progressive Price Performance

Shares of PGR stock opened at $228.14 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The business's fifty day moving average is $216.15 and its 200 day moving average is $210.39. The stock has a market cap of $132.63 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 2.75 and a beta of 0.25. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $239.38.

Progressive Announces Dividend

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

Insider Activity at Progressive

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the transaction, the chief financial officer directly owned 42,595 shares in the company, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The transaction 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, insider Karen Bailo sold 8,452 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares of the company's stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their ownership of the stock. 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 106,782 shares of company stock valued at $22,965,332 in the last 90 days. 0.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PGR has been the subject of several recent research reports. HSBC reiterated a "hold" rating and set a $216.00 target price (down from $221.00) on shares of Progressive in a research report on Wednesday, October 7th. The Goldman Sachs Group boosted their price objective on Progressive from $233.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, October 1st. Keefe, Bruyette & Woods reduced their price target on shares of Progressive from $252.00 to $246.00 and set an "outperform" rating on the stock in a research report on Thursday, October 15th. BMO Capital Markets restated a "market perform" rating on shares of Progressive in a research report on Thursday, October 15th. Finally, Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Progressive currently has a consensus rating of "Hold" and a consensus price target of $234.45.

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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