The Progressive Corporation $PGR Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank trimmed its stake in The Progressive Corporation by 4.8%, selling 84,800 shares and ending Q3 with 1,689,800 shares worth about $417.3 million (≈0.29% ownership).
• Institutional ownership is high at 85.34%, with several funds—notably Schroder (+99,453 shares), Russell (+14,397 shares) and Private Advisor Group (+23,234 shares)—adding to their positions in the third quarter.
• Analysts hold a consensus rating of Hold on PGR with an average price target of $245.50, following a mix of recent price-target cuts and upgrades from various firms.

Swiss National Bank cut its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 4.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,689,800 shares of the insurance provider's stock after selling 84,800 shares during the period. Swiss National Bank owned approximately 0.29% of Progressive worth $417,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. LGT Fund Management Co Ltd. grew its stake in shares of Progressive by 8.8% in the 3rd quarter. LGT Fund Management Co Ltd. now owns 25,332 shares of the insurance provider's stock valued at $6,243,000 after buying an additional 2,046 shares during the period. LGT Group Foundation grew its stake in shares of Progressive by 2.2% in the third quarter. LGT Group Foundation now owns 135,568 shares of the insurance provider's stock worth $33,412,000 after acquiring an additional 2,908 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Progressive by 1.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 951,645 shares of the insurance provider's stock worth $234,862,000 after purchasing an additional 14,397 shares during the period. Schroder Investment Management Group raised its holdings in Progressive by 9.2% in the third quarter. Schroder Investment Management Group now owns 1,176,444 shares of the insurance provider's stock valued at $290,523,000 after acquiring an additional 99,453 shares in the last quarter. Finally, Private Advisor Group LLC raised its holdings in shares of Progressive by 151.1% in the 3rd quarter. Private Advisor Group LLC now owns 38,608 shares of the insurance provider's stock valued at $9,534,000 after purchasing an additional 23,234 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

PGR stock opened at $210.92 on Monday. The stock has a market capitalization of $123.58 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 9.19 and a beta of 0.33. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $292.99. The stock's fifty day simple moving average is $208.98 and its 200-day simple moving average is $223.78.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,344 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider owned 26,354 shares of the company's stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 9,103 shares of company stock valued at $1,883,924. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

PGR has been the topic of several recent analyst reports. Wells Fargo & Company dropped their price target on shares of Progressive from $220.00 to $214.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 19th. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $225.00 to $232.00 and gave the stock a "market perform" rating in a research note on Thursday, February 19th. Morgan Stanley cut their price target on shares of Progressive from $214.00 to $205.00 and set an "underweight" rating for the company in a report on Wednesday, January 28th. Zacks Research raised Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Finally, William Blair downgraded shares of Progressive from an "outperform" rating to a "market perform" rating in a report on Thursday, December 18th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $245.50.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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