The Progressive Corporation $PGR Stock Sold by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. cut its holdings in The Progressive Corporation (NYSE:PGR) by 7.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 760,667 shares of the insurance provider’s stock after selling 63,976 shares during the quarter. Eurizon Capital SGR S.p.A. owned approximately 0.13% of Progressive worth $158,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. IMG Wealth Management Inc. bought a new position in Progressive during the 2nd quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in Progressive in the 2nd quarter worth approximately $26,000. Kilter Group LLC purchased a new stake in Progressive in the 2nd quarter worth approximately $27,000. Latitude Advisors LLC bought a new stake in shares of Progressive in the 3rd quarter worth approximately $27,000. Finally, Axiom Investment Management LLC bought a new stake in shares of Progressive in the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $235.51 on Friday. The company has a 50-day simple moving average of $219.72 and a two-hundred day simple moving average of $210.51. 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 firm has a market capitalization of $136.44 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 2.70 and a beta of 0.22. The Progressive Corporation has a one year low of $189.20 and a one year high of $241.02.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PGR shares. Wells Fargo & Company reduced their target price on Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a research note on Thursday, October 15th. TD Cowen dropped their price target on Progressive from $266.00 to $222.00 and set a “hold” rating for the company in a research note on Wednesday, July 29th. JPMorgan Chase & Co. raised their price target on Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, October 5th. Cantor Fitzgerald cut their price target on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, August 17th. Finally, Bank of America boosted their price objective on shares of Progressive from $302.00 to $314.00 in a research report on Thursday, October 1st. Nine investment 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, Progressive has an average rating of “Hold” and a consensus target price of $234.45.

Insider Activity at Progressive

In other news, CEO Susan Griffith sold 37,338 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 485,438 shares of the company’s stock, valued at approximately $106,553,641. This represents a 7.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $6,433,179.24. The trade was a 4.08% 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 41,013 shares of company stock valued at $8,988,278 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Progressive 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.