The Progressive Corporation $PGR Stock Bought by M&G PLC

Key Points

• M&G PLC increased its Progressive stake by 6.1% in the third quarter, adding 7,076 shares to reach 123,707 shares valued at about $25.6 million.
• Institutional investors own 85.34% of Progressive shares, with several major funds also reporting substantial holdings or additions.
• Analysts have a consensus “Hold” rating and an average price target of $234.45; nine rate the stock Buy, 12 Hold, and two Sell.

M&G PLC boosted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 6.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 123,707 shares of the insurance provider's stock after buying an additional 7,076 shares during the quarter. M&G PLC's holdings in Progressive were worth $25,607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Progressive in the 2nd quarter worth approximately $10,496,271,000. State Street Corp boosted its stake in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider's stock worth $5,794,814,000 after acquiring an additional 656,249 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Progressive during the 2nd quarter valued at $2,682,342,000. GQG Partners LLC bought a new stake in shares of Progressive during the 2nd quarter valued at $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Progressive by 6.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider's stock valued at $1,482,010,000 after acquiring an additional 410,326 shares during the period. Institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a report on Monday, October 5th. Morgan Stanley raised Progressive from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Roth Capital reissued a "buy" rating and issued a $245.00 target price (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. BMO Capital Markets reissued a "market perform" rating on shares of Progressive in a research note on Thursday, October 15th. Finally, Raymond James Financial restated an "outperform" rating on shares of Progressive in a research report on Friday, October 16th. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and an average target price of $234.45.

Progressive Trading Up 0.0%

Progressive stock opened at $227.83 on Tuesday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $241.02. The firm's 50 day moving average price is $218.92 and its 200-day moving average price is $210.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market cap of $131.99 billion, a P/E ratio of 11.47, a PEG ratio of 2.71 and a beta of 0.22.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,225 shares of Progressive stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the sale, the insider directly owned 28,807 shares in the company, valued at approximately $6,433,179.24. The trade was a 4.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction 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 trade represents a 7.14% decrease in their position. 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 ninety days, insiders sold 48,352 shares of company stock valued at $10,524,258. Corporate insiders own 0.32% of the company's stock.

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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