The Progressive Corporation $PGR Shares Purchased by Inspire Investing LLC

Inspire Investing LLC increased its stake in The Progressive Corporation (NYSE:PGR) by 10.6% in the third quarter, Holdings Channel reports. The firm owned 104,928 shares of the insurance provider’s stock after purchasing an additional 10,094 shares during the period. Progressive comprises 0.9% of Inspire Investing LLC’s holdings, making the stock its 10th largest position. Inspire Investing LLC’s holdings in Progressive were worth $21,753,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in Progressive during the 2nd quarter valued at approximately $10,496,271,000. State Street Corp lifted its stake in shares of Progressive by 2.5% during the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock worth $5,794,814,000 after buying an additional 656,249 shares during the period. Bank of America Corp DE acquired a new stake in shares of Progressive during the second quarter worth $2,682,342,000. GQG Partners LLC purchased a new stake in shares of Progressive during the second quarter valued at $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 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 valued at $1,482,010,000 after buying an additional 410,326 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 0.6%

PGR stock opened at $228.14 on Friday. The firm’s fifty day simple moving average is $216.15 and its 200-day simple moving average is $210.39. The company has a market capitalization of $132.63 billion, a P/E ratio of 11.49, a price-to-earnings-growth ratio of 2.75 and a beta of 0.25. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on PGR. TD Cowen cut their target price on Progressive from $266.00 to $222.00 and set a “hold” rating on the stock in a research report on Wednesday, July 29th. Raymond James Financial restated an “outperform” rating on shares of Progressive in a research note on Friday, October 16th. Mizuho lowered their price target on Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, September 16th. UBS Group reiterated a “neutral” rating and set a $238.00 price target on shares of Progressive in a research note on Monday. Finally, Roth Capital reissued a “buy” rating and issued a $245.00 price objective (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $234.45.

Insider Activity at Progressive

In other Progressive news, insider Lori A. Niederst sold 7,339 shares of Progressive stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the transaction, the insider owned 42,567 shares in the company, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 106,782 shares of company stock valued at $22,965,332 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

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.