The Progressive Corporation $PGR Stock Position Decreased by Cooke & Bieler LP

Cooke & Bieler LP lowered its stake in The Progressive Corporation (NYSE:PGR) by 34.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 150,023 shares of the insurance provider’s stock after selling 78,143 shares during the period. Cooke & Bieler LP’s holdings in Progressive were worth $31,101,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Progressive during the 2nd quarter worth approximately $10,496,271,000. State Street Corp lifted its position in shares of Progressive by 2.5% in the second 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 in the last quarter. Bank of America Corp DE bought a new stake in shares of Progressive in the second quarter worth $2,682,342,000. GQG Partners LLC bought a new stake in shares of Progressive in the second quarter worth $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Progressive by 6.4% during 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 worth $1,482,010,000 after purchasing an additional 410,326 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Roth Capital restated a “buy” rating and set a $245.00 price objective (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. Piper Sandler lifted their target price on Progressive from $241.00 to $242.00 and gave the company an “overweight” rating in a research report on Thursday, August 20th. Barclays lifted their target price on Progressive from $246.00 to $247.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Cantor Fitzgerald dropped their target price on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, August 17th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a report on Thursday, October 15th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $234.45.

Progressive Stock Performance

NYSE PGR opened at $221.59 on Thursday. The firm has a 50-day moving average of $215.37 and a 200-day moving average of $210.03. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The stock has a market cap of $128.83 billion, a PE ratio of 11.63, a P/E/G ratio of 2.66 and a beta of 0.25. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38.

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 issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s dividend payout ratio is currently 2.01%.

Insider Transactions at Progressive

In other Progressive news, insider Lori Niederst sold 7,339 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew Quigg sold 3,499 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This represents a 7.59% 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. Over the last 90 days, insiders sold 106,782 shares of company stock worth $22,965,332. 0.32% of the stock is currently owned by insiders.

Progressive 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.