The Progressive Corporation $PGR Stock: Trillium Asset Management LLC Grows Stake

Trillium Asset Management LLC grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 34.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,085 shares of the insurance provider’s stock after purchasing an additional 14,003 shares during the quarter. Trillium Asset Management LLC’s holdings in Progressive were worth $11,213,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. IMG Wealth Management Inc. purchased a new stake in Progressive in the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. bought a new stake in shares of Progressive during the second quarter valued at approximately $26,000. Kilter Group LLC bought a new stake in shares of Progressive during the second quarter valued at approximately $27,000. Latitude Advisors LLC purchased a new stake in shares of Progressive in the third quarter valued at approximately $27,000. Finally, Axiom Investment Management LLC purchased a new stake in shares of Progressive in the first quarter valued at approximately $31,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.0%

NYSE PGR traded down $0.02 during midday trading on Friday, hitting $235.47. 1,525,451 shares of the company traded hands, compared to its average volume of 2,395,193. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market cap of $136.42 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 2.73 and a beta of 0.22. The company’s 50-day simple moving average is $219.95 and its 200-day simple moving average is $210.64. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $241.02.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer owned 485,438 shares in the company, valued at $106,553,641. The trade was a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of Progressive stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the transaction, the insider owned 28,807 shares in the company, valued at $6,433,179.24. This trade represents a 4.08% 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 three months, insiders sold 41,013 shares of company stock valued at $8,988,278. Corporate insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Mizuho dropped their price objective on Progressive from $236.00 to $230.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 16th. Wells Fargo & Company decreased their target price on Progressive from $201.00 to $196.00 and set an “underweight” rating for the company in a research report on Thursday, October 15th. 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. Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 target price (up from $213.00) on shares of Progressive in a report on Wednesday, August 19th. Finally, JPMorgan Chase & Co. increased their price target on Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, October 5th. 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 company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $234.45.

Progressive Company Profile

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage. The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.