The Progressive Corporation $PGR Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 9.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 443,454 shares of the insurance provider’s stock after selling 45,546 shares during the quarter. Progressive accounts for 0.6% of VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings, making the stock its 27th largest position. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.08% of Progressive worth $91,932,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Progressive in the 2nd quarter worth approximately $10,496,271,000. State Street Corp grew its stake in shares of 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 purchasing an additional 656,249 shares during the period. Bank of America Corp DE purchased a new position in shares of Progressive during the 2nd quarter valued at approximately $2,682,342,000. GQG Partners LLC purchased a new position in shares of Progressive during the 2nd quarter valued at approximately $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Progressive by 6.4% during 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 valued at $1,482,010,000 after purchasing an additional 410,326 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a report on Thursday, October 15th. The Goldman Sachs Group lifted their price objective on shares of Progressive from $233.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, October 1st. Roth Capital reiterated a “buy” rating and issued a $245.00 price objective (up from $235.00) on shares of Progressive in a research report on Thursday, August 20th. UBS Group reiterated a “neutral” rating and issued a $238.00 price objective on shares of Progressive in a research report on Monday, October 19th. Finally, HSBC reissued a “hold” rating and set a $216.00 target price (down from $221.00) on shares of Progressive in a research note on Wednesday, October 7th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $234.45.

Insider Buying and Selling

In other Progressive news, CEO Susan Griffith sold 37,338 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares of the company’s stock, valued at $106,553,641. This trade represents a 7.14% decrease in their ownership of the stock. The transaction 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 Progressive stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider owned 42,567 shares in the company, valued at approximately $8,908,847.43. This trade represents 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 quarter, insiders sold 48,352 shares of company stock valued at $10,524,258. 0.32% of the stock is owned by corporate insiders.

Progressive Stock Up 0.4%

Progressive stock opened at $231.20 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29. The stock has a market capitalization of $134.41 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 2.66 and a beta of 0.25. The business has a 50 day simple moving average of $217.64 and a 200-day simple moving average of $209.28. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38.

Progressive Announces Dividend

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

Progressive Company Profile

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.