The Progressive Corporation $PGR Stock Sold by Skylands Capital LLC

Skylands Capital LLC reduced its holdings in shares of The Progressive Corporation (NYSE:PGR) by 42.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,400 shares of the insurance provider’s stock after selling 3,225 shares during the period. Skylands Capital LLC’s holdings in Progressive were worth $912,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Progressive in the 2nd quarter worth about $10,496,271,000. Bank of America Corp DE bought a new stake in shares of Progressive during the 2nd quarter valued at about $2,682,342,000. GQG Partners LLC bought a new stake in shares of Progressive during the 2nd quarter valued at about $1,538,570,000. Deutsche Bank AG bought a new stake in shares of Progressive during the 2nd quarter valued at about $1,098,838,000. Finally, Jupiter Topco LLC acquired a new stake in Progressive during the second quarter worth approximately $935,172,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.2%

PGR opened at $221.59 on Thursday. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $239.38. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market cap of $128.83 billion, a P/E ratio of 11.16, a price-to-earnings-growth ratio of 2.66 and a beta of 0.25. The company has a fifty day moving average price of $215.37 and a two-hundred day moving average price of $210.03.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a $0.10 dividend. The ex-dividend date was Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Insider Buying and Selling

In other news, CEO Susan Griffith sold 37,338 shares of the firm’s 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 completion of the sale, the chief executive officer directly owned 485,438 shares in the company, valued at $106,553,641. This trade represents a 7.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares of the company’s stock, valued at $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 106,782 shares of company stock worth $22,965,332 over the last 90 days. 0.32% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PGR. Keefe, Bruyette & Woods lowered their target price on Progressive from $252.00 to $246.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. The Goldman Sachs Group boosted their price target on Progressive from $233.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, October 1st. William Blair restated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Weiss Ratings upgraded Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Finally, Piper Sandler raised their price objective on shares of Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a research 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 assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $234.45.

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.