LGT Group Foundation Has $33.41 Million Stock Holdings in The Progressive Corporation $PGR

LGT Group Foundation grew its position in The Progressive Corporation (NYSE:PGR) by 2.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 135,568 shares of the insurance provider’s stock after purchasing an additional 2,908 shares during the quarter. LGT Group Foundation’s holdings in Progressive were worth $33,412,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PGR. Norges Bank acquired a new position in Progressive in the 2nd quarter valued at $2,156,939,000. Alliancebernstein L.P. lifted its position in Progressive by 32.8% during the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after acquiring an additional 2,709,417 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Progressive by 0.9% during the second quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after acquiring an additional 493,332 shares during the period. Temasek Holdings Private Ltd bought a new stake in Progressive during the second quarter valued at about $117,057,000. Finally, First Trust Advisors LP grew its position in shares of Progressive by 154.3% in the second quarter. First Trust Advisors LP now owns 673,646 shares of the insurance provider’s stock valued at $179,769,000 after purchasing an additional 408,779 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PGR shares. Morgan Stanley cut their price objective on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research report on Wednesday, January 28th. Mizuho set a $240.00 target price on Progressive in a report on Wednesday, January 14th. Keefe, Bruyette & Woods upped their price target on Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a report on Thursday, February 19th. HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average price target of $245.50.

Insider Transactions at Progressive

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. The trade was a 4.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,344 shares of the stock in a transaction 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 completion of the transaction, 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 SEC filing for this sale provides additional information. Over the last three months, insiders have sold 9,103 shares of company stock valued at $1,883,924. Company insiders own 0.33% of the company’s stock.

Progressive Trading Up 0.2%

Shares of PGR opened at $210.92 on Monday. The stock’s 50-day moving average price is $208.98 and its 200 day moving average price is $223.78. 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 has a market capitalization of $123.58 billion, a price-to-earnings ratio of 10.96, a P/E/G ratio of 9.19 and a beta of 0.33. The Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99.

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.