Korea Investment CORP Reduces Stock Holdings in The Progressive Corporation $PGR

Korea Investment CORP decreased its holdings in The Progressive Corporation (NYSE:PGR) by 39.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 321,585 shares of the insurance provider’s stock after selling 208,026 shares during the quarter. Korea Investment CORP owned 0.05% of Progressive worth $79,415,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Grantham Mayo Van Otterloo & Co. LLC grew its position in shares of Progressive by 876.1% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 44,294 shares of the insurance provider’s stock valued at $10,938,000 after acquiring an additional 39,756 shares during the period. Munich Reinsurance Co Stock Corp in Munich bought a new stake in Progressive during the third quarter valued at about $4,525,000. Ameriflex Group Inc. increased its position in Progressive by 106.6% in 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 in the last quarter. Baltimore Washington Financial Advisors Inc. increased its position in Progressive by 26.3% in the third quarter. Baltimore Washington Financial Advisors Inc. now owns 98,484 shares of the insurance provider’s stock worth $24,321,000 after buying an additional 20,488 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Progressive by 47.3% in the third quarter. First Trust Advisors LP now owns 992,530 shares of the insurance provider’s stock worth $245,105,000 after buying an additional 318,884 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PGR shares. Morgan Stanley lowered their price objective on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. BMO Capital Markets decreased their target price on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a research note on Thursday, January 29th. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $257.00 to $265.00 in a report on Thursday, January 8th. Roth Mkm set a $235.00 price objective on shares of Progressive in a research note on Thursday, February 19th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $245.50.

Progressive Price Performance

Progressive stock opened at $210.92 on Monday. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $292.99. 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 firm’s fifty day moving average is $208.98 and its 200 day moving average is $223.78. The company has a market cap of $123.58 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 9.19 and a beta of 0.33.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 1,649 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the sale, the insider directly owned 39,626 shares in the company, valued at approximately $8,097,573.10. This represents a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,344 shares of the 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 transaction, the insider directly owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. The trade was a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 9,103 shares of company stock valued at $1,883,924. Corporate insiders own 0.33% of the company’s stock.

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.