The Progressive Corporation $PGR Stock: Hingham Institution for Savings Increases Holdings

Hingham Institution for Savings increased its stake in shares of The Progressive Corporation (NYSE:PGR) by 39.2% during the third quarter, HoldingsChannel reports. The fund owned 35,500 shares of the insurance provider’s stock after acquiring an additional 10,000 shares during the quarter. Progressive makes up about 5.7% of Hingham Institution for Savings’ portfolio, making the stock its 7th biggest holding. Hingham Institution for Savings’ holdings in Progressive were worth $7,360,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Progressive in the 2nd quarter worth $10,496,271,000. State Street Corp increased its holdings 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 purchasing an additional 656,249 shares during the period. Bank of America Corp DE acquired a new position in shares of Progressive during the second quarter valued at about $2,682,342,000. GQG Partners LLC acquired a new position in shares of Progressive during the second quarter valued at about $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Progressive by 6.4% in the second 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 buying an additional 410,326 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent research reports. The Goldman Sachs Group lifted their target price on Progressive from $233.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 1st. HSBC reaffirmed a “hold” rating and issued a $216.00 price target (down from $221.00) on shares of Progressive in a report on Wednesday, October 7th. Cantor Fitzgerald reduced their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research report on Monday, August 17th. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a report on Thursday. Finally, Weiss Ratings upgraded Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $234.45.

Insider Activity at Progressive

In other Progressive news, CFO Andrew Quigg sold 3,499 shares of Progressive stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Murphy sold 8,124 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the sale, the insider directly owned 41,291 shares in the company, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 106,782 shares of company stock valued at $22,965,332. Insiders own 0.32% of the company’s stock.

Progressive Stock Up 0.3%

NYSE PGR opened at $219.12 on Tuesday. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $239.38. The company has a market capitalization of $127.39 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 2.63 and a beta of 0.25. The stock’s 50 day moving average is $214.89 and its two-hundred day moving average is $209.64. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, October 1st. Progressive’s dividend payout ratio is 2.01%.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.