The Progressive Corporation $PGR Stock Position Boosted by Sterling Capital Management LLC

Sterling Capital Management LLC increased its position in The Progressive Corporation (NYSE:PGR) by 424.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,696 shares of the insurance provider’s stock after purchasing an additional 9,467 shares during the period. Sterling Capital Management LLC’s holdings in Progressive were worth $2,425,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PGR. BlackRock Inc. bought a new stake in Progressive during the 2nd quarter valued at about $10,496,271,000. Bank of America Corp DE purchased a new position in Progressive in the second quarter worth about $2,682,342,000. GQG Partners LLC bought a new position in shares of Progressive in the second quarter worth approximately $1,538,570,000. Deutsche Bank AG bought a new position in shares of Progressive in the second quarter worth approximately $1,098,838,000. Finally, Jupiter Topco LLC purchased a new stake in shares of Progressive during the second quarter valued at approximately $935,172,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $204.29, for a total value of $250,255.25. Following the completion of the sale, the insider directly owned 30,032 shares in the company, valued at $6,135,237.28. This represents a 3.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider owned 42,567 shares of the company’s stock, valued at $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. 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 50,626 shares of company stock worth $11,020,471. 0.32% of the stock is currently owned by insiders.

Progressive Stock Up 0.0%

Shares of PGR stock opened at $228.14 on Monday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38. The stock has a market cap of $132.63 billion, a P/E ratio of 11.49, a P/E/G ratio of 2.74 and a beta of 0.25. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a 50 day simple moving average of $216.15 and a two-hundred day simple moving average of $210.49.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PGR. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research report on Thursday, October 15th. William Blair reiterated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. UBS Group reissued a “neutral” rating and issued a $238.00 target price on shares of Progressive in a research report on Monday, October 19th. Wells Fargo & Company lowered their target price on shares of Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a research note on Thursday, October 15th. Finally, The Goldman Sachs Group raised their price target on shares of Progressive from $233.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, October 1st. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $234.45.

Progressive Company Profile

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.