The Progressive Corporation $PGR Shares Sold by Candriam S.C.A.

Candriam S.C.A. lowered its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 41.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,294 shares of the insurance provider's stock after selling 51,127 shares during the period. Candriam S.C.A.'s holdings in Progressive were worth $14,834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PGR. Ethic Inc. lifted its stake in Progressive by 2.6% in the third quarter. Ethic Inc. now owns 88,992 shares of the insurance provider's stock valued at $18,449,000 after buying an additional 2,283 shares during the last quarter. StoneX Group Inc. purchased a new position in shares of Progressive during the third quarter worth approximately $241,000. Leelyn Smith LLC purchased a new position in shares of Progressive during the third quarter worth approximately $302,000. United Advisor Group LLC increased its holdings in shares of Progressive by 9.6% in the 3rd quarter. United Advisor Group LLC now owns 9,308 shares of the insurance provider's stock valued at $1,930,000 after acquiring an additional 817 shares during the period. Finally, Plancorp LLC increased its holdings in shares of Progressive by 6.6% in the 3rd quarter. Plancorp LLC now owns 1,411 shares of the insurance provider's stock valued at $293,000 after acquiring an additional 87 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Lori Niederst sold 7,339 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the firm's stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the transaction, the insider directly owned 28,807 shares of the company's stock, valued at approximately $6,433,179.24. This trade represents a 4.08% 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. Over the last quarter, insiders sold 48,352 shares of company stock worth $10,524,258. Insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Piper Sandler increased their price target on shares of Progressive from $241.00 to $242.00 and gave the stock an "overweight" rating in a research note on Thursday, August 20th. Barclays lifted their price objective on shares of Progressive from $246.00 to $247.00 and gave the company an "overweight" rating in a research note on Wednesday, October 7th. Roth Capital restated a "buy" rating and issued a $245.00 price objective (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. HSBC reaffirmed a "hold" rating and issued a $216.00 target price (down from $221.00) on shares of Progressive in a report on Wednesday, October 7th. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of Progressive in a research note on Thursday, October 15th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $234.45.

Progressive Price Performance

Shares of NYSE:PGR opened at $227.83 on Tuesday. The company has a 50-day moving average price of $218.92 and a 200 day moving average price of $210.11. The company has a market cap of $131.99 billion, a P/E ratio of 12.31, a PEG ratio of 2.71 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 Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $241.02.

Progressive Company Profile

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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