The Progressive Corporation $PGR Stock Position Increased by United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund

Key Points

• United Super Pty Ltd boosted its stake in The Progressive Corporation by 90.4% in Q3, buying 53,102 shares to hold 111,836 shares worth about $27.62 million.
• Analyst sentiment is mixed and the stock has a consensus rating of "Hold" with a consensus target price of $245.50, despite several firms issuing buy/overweight calls and others cutting targets.
• Insiders have been net sellers, disposing of 9,103 shares valued at roughly $1.88 million over the past 90 days, and now own just 0.34% of the company.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 90.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,836 shares of the insurance provider's stock after purchasing an additional 53,102 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund's holdings in Progressive were worth $27,618,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at approximately $25,000. Ameriflex Group Inc. boosted its position in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after buying an additional 65 shares during the period. Atlantic Union Bankshares Corp bought a new position in Progressive in the 2nd quarter worth approximately $33,000. Howard Hughes Medical Institute bought a new position in Progressive in the 2nd quarter worth approximately $34,000. Finally, TruNorth Capital Management LLC increased its position in Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider's stock valued at $41,000 after acquiring an additional 135 shares during the period. Institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. The Goldman Sachs Group reaffirmed a "buy" rating and set a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Piper Sandler reissued an "overweight" rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. UBS Group cut their price objective on shares of Progressive from $226.00 to $218.00 and set a "neutral" rating on the stock in a research note on Monday, February 23rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Progressive in a report on Monday, December 29th. Finally, Morgan Stanley decreased their target price on shares of Progressive from $214.00 to $205.00 and set an "underweight" rating for the company in a research report on Wednesday, January 28th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and a consensus target price of $245.50.

Insider Buying and Selling at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm's stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the transaction, the executive owned 26,250 shares of the company's stock, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,103 shares of company stock valued at $1,883,924 over the last 90 days. Insiders own 0.34% of the company's stock.

Progressive Stock Up 0.2%

PGR opened at $210.92 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.35. The company has a market capitalization of $123.58 billion, a PE ratio of 10.96, a P/E/G ratio of 9.20 and a beta of 0.33. The stock's fifty day moving average is $208.98 and its 200-day moving average is $223.98. The Progressive Corporation has a one year low of $197.92 and a one year high of $292.99.

Progressive Announces Dividend

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

About Progressive

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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