The Progressive Corporation $PGR Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management cut its stake in The Progressive Corporation by 68.5% in Q3, selling 824,954 shares and retaining 379,639 shares worth about $93.75 million (≈0.06% of PGR).
• Company insiders sold 9,103 shares worth roughly $1.88 million over the last quarter, including Steven Broz (1,344 shares at $224.80) and Maribel Pumarejo (739 shares at $203.25); insiders now own 0.34% of the stock.
• Wall Street’s consensus is a Hold with an average price target of $245.50, based on 7 Buy, 13 Hold and 1 Sell ratings.

Victory Capital Management Inc. lowered its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 68.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 379,639 shares of the insurance provider's stock after selling 824,954 shares during the quarter. Victory Capital Management Inc. owned about 0.06% of Progressive worth $93,752,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PGR. Bell Investment Advisors Inc lifted its stake in shares of Progressive by 20.8% during the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider's stock worth $68,000 after buying an additional 44 shares during the period. Maia Wealth LLC raised its stake in Progressive by 5.4% in the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider's stock worth $229,000 after acquiring an additional 44 shares during the last quarter. Selective Wealth Management Inc. lifted its position in Progressive by 2.1% during the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider's stock worth $538,000 after acquiring an additional 45 shares during the period. Parkside Financial Bank & Trust grew its stake in Progressive by 0.9% during the 2nd quarter. Parkside Financial Bank & Trust now owns 5,130 shares of the insurance provider's stock valued at $1,369,000 after purchasing an additional 46 shares during the last quarter. Finally, Liberty One Investment Management LLC increased its holdings in shares of Progressive by 3.8% in the third quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider's stock valued at $319,000 after purchasing an additional 47 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,344 shares of the company's stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares of the company's stock, valued at approximately $5,924,379.20. This represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 9,103 shares of company stock worth $1,883,924. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PGR. Bank of America dropped their target price on Progressive from $350.00 to $348.00 and set a "buy" rating on the stock in a research report on Tuesday, December 9th. Wells Fargo & Company dropped their price objective on shares of Progressive from $220.00 to $214.00 and set an "equal weight" rating on the stock in a report on Thursday, February 19th. BMO Capital Markets reduced their target price on shares of Progressive from $239.00 to $232.00 and set a "market perform" rating for the company in a report on Thursday, January 29th. HSBC downgraded shares of Progressive from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Finally, Keefe, Bruyette & Woods increased their price target on Progressive from $225.00 to $232.00 and gave the stock a "market perform" rating in a research report on Thursday, February 19th. 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. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $245.50.

Progressive Stock Performance

PGR opened at $211.40 on Thursday. The firm's fifty day simple moving average is $209.65 and its two-hundred day simple moving average is $224.51. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $292.99. The company has a market cap of $123.86 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 9.32 and a beta of 0.33. The company has a quick ratio of 0.29, a current ratio of 0.35 and a debt-to-equity ratio of 0.23.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive's dividend payout ratio is currently 2.08%.

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.