3,058 Shares in The Progressive Corporation $PGR Purchased by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,058 shares of the insurance provider’s stock, valued at approximately $634,000.

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

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,225 shares of the stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the transaction, the insider owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. This trade represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the 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 transaction, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. The trade was a 14.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 48,352 shares of company stock valued at $10,524,258. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PGR shares. Cantor Fitzgerald decreased their price objective on shares of 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 reaffirmed a “market perform” rating on shares of Progressive in a research report on Thursday, October 15th. Bank of America boosted their price target on Progressive from $302.00 to $314.00 in a research note on Thursday, October 1st. Raymond James Financial reissued an “outperform” rating on shares of Progressive in a report on Friday, October 16th. Finally, Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $234.45.

Progressive Trading Up 0.1%

PGR opened at $227.96 on Monday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $241.02. 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 stock has a market capitalization of $132.07 billion, a PE ratio of 11.48, a P/E/G ratio of 2.63 and a beta of 0.22. The firm’s fifty day moving average price is $218.74 and its 200 day moving average price is $209.98.

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.

Progressive serves customers across the United States.