The Progressive Corporation $PGR Stock Holdings Boosted by Renasant Bank

Renasant Bank boosted its stake in The Progressive Corporation (NYSE:PGR) by 150.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,490 shares of the insurance provider’s stock after purchasing an additional 2,698 shares during the period. Renasant Bank’s holdings in Progressive were worth $931,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Progressive during the second quarter worth $10,496,271,000. Bank of America Corp DE acquired a new stake in shares of Progressive during the 2nd quarter valued at $2,682,342,000. GQG Partners LLC acquired a new stake in shares of Progressive during the 2nd quarter valued at $1,538,570,000. Deutsche Bank AG bought a new stake in Progressive during the 2nd quarter worth $1,098,838,000. Finally, Jupiter Topco LLC bought a new stake in Progressive during the 2nd quarter worth $935,172,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $231.35 on Wednesday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year 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 company has a market capitalization of $134.04 billion, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 2.63 and a beta of 0.22. The business has a 50-day moving average of $219.18 and a 200-day moving average of $210.23.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. Mizuho lowered their target price on Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, September 16th. The Goldman Sachs Group lifted 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. JPMorgan Chase & Co. boosted their price target on Progressive from $241.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, October 5th. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 price objective (up from $213.00) on shares of Progressive in a report on Wednesday, August 19th. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $234.45.

Insider Buying and Selling at Progressive

In other news, CEO Susan Griffith sold 37,338 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer owned 485,438 shares in the company, valued at approximately $106,553,641. The trade was a 7.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction on 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 directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This represents 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. In the last 90 days, insiders sold 48,352 shares of company stock valued at $10,524,258. 0.32% of the stock is currently owned by company insiders.

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.