The Progressive Corporation $PGR Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group cut its Progressive stake by 18.1% in the third quarter, selling 180,165 shares and retaining 813,657 shares valued at about $168.9 million.
• Other institutions made mixed moves, and institutional investors collectively owned 85.34% of Progressive. Company insiders sold 41,013 shares worth approximately $9.0 million over 90 days; the reported sales were made under pre-arranged trading plans.
• Analysts have a consensus “Hold” rating and an average price target of $234.45. Progressive shares opened at $235.51, within a 52-week range of $189.20 to $241.02.

Russell Investments Group Ltd. cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 18.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 813,657 shares of the insurance provider's stock after selling 180,165 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.14% of Progressive worth $168,859,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Barr E S & Co. boosted its holdings in shares of Progressive by 10.6% in the 3rd quarter. Barr E S & Co. now owns 1,041 shares of the insurance provider's stock valued at $216,000 after buying an additional 100 shares during the last quarter. PBU The Pension Fund of Early Childhood & Youth Educators raised its position in Progressive by 6.8% during the third quarter. PBU The Pension Fund of Early Childhood & Youth Educators now owns 69,579 shares of the insurance provider's stock worth $14,424,000 after acquiring an additional 4,429 shares in the last quarter. King Luther Capital Management Corp raised its position in Progressive by 3.3% during the third quarter. King Luther Capital Management Corp now owns 2,417 shares of the insurance provider's stock worth $501,000 after acquiring an additional 78 shares in the last quarter. Maryland State Retirement & Pension System raised its position in Progressive by 14.6% during the third quarter. Maryland State Retirement & Pension System now owns 35,793 shares of the insurance provider's stock worth $7,420,000 after acquiring an additional 4,553 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its stake in Progressive by 3.6% in the third quarter. Ritholtz Wealth Management now owns 10,621 shares of the insurance provider's stock valued at $2,202,000 after acquiring an additional 368 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other Progressive news, CEO Susan Griffith sold 37,338 shares of the company's stock in a transaction on 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 transaction, the chief executive officer directly owned 485,438 shares of the company's stock, valued at $106,553,641. This represents a 7.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total value of $273,567.00. Following the transaction, the insider owned 28,807 shares in the company, valued at $6,433,179.24. The trade was a 4.08% 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 90 days, insiders have sold 41,013 shares of company stock valued at $8,988,278. Corporate insiders own 0.32% of the company's stock.

Progressive Price Performance

Shares of PGR opened at $235.51 on Friday. The firm has a market capitalization of $136.44 billion, a PE ratio of 11.86, a PEG ratio of 2.70 and a beta of 0.22. The company's 50-day moving average is $219.72 and its 200-day moving average is $210.51. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $241.02. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their price objective on shares of Progressive from $233.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, October 1st. JPMorgan Chase & Co. raised their target price on shares of Progressive from $241.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, October 5th. 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 note on Thursday, August 20th. Raymond James Financial reissued an "outperform" rating on shares of Progressive in a research report on Friday, October 16th. Finally, HSBC restated a "hold" rating and issued a $216.00 price objective (down from $221.00) on shares of Progressive in a research note on Wednesday, October 7th. Nine equities research 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's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $234.45.

Progressive 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.

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