The Progressive Corporation $PGR Shares Sold by Swiss National Bank

Swiss National Bank lessened its stake in The Progressive Corporation (NYSE:PGR) by 4.8% in the third quarter, Holdings Channel reports. The fund owned 1,689,800 shares of the insurance provider’s stock after selling 84,800 shares during the quarter. Swiss National Bank’s holdings in Progressive were worth $417,296,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new stake in Progressive during the 3rd quarter valued at approximately $25,000. Atlantic Union Bankshares Corp acquired a new position in Progressive in the second quarter worth $33,000. Howard Hughes Medical Institute bought a new stake in shares of Progressive during the 2nd quarter valued at about $34,000. Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Finally, TruNorth Capital Management LLC increased its position in Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after buying an additional 135 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on PGR. HSBC lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Evercore set a $230.00 price target on Progressive in a report on Thursday, February 19th. Citigroup lowered their target price on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. BMO Capital Markets decreased their price target on Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average target price of $245.50.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the sale, the executive owned 26,249 shares in the company, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 9,103 shares of company stock worth $1,883,924. Corporate insiders own 0.33% of the company’s stock.

Progressive Stock Up 0.2%

Shares of PGR stock opened at $210.92 on Monday. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The business’s fifty day moving average is $208.98 and its 200-day moving average is $223.78. The stock has a market cap of $123.58 billion, a PE ratio of 10.96, a price-to-earnings-growth ratio of 9.19 and a beta of 0.33.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.