The Progressive Corporation $PGR Stock: Danske Bank A S Grows Stake

Danske Bank A S lifted its holdings in The Progressive Corporation (NYSE:PGR) by 7.6% in the 3rd quarter, Holdings Channel reports. The firm owned 487,935 shares of the insurance provider’s stock after buying an additional 34,572 shares during the quarter. Danske Bank A S’s holdings in Progressive were worth $101,154,000 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. acquired a new position in Progressive during the second quarter worth $10,496,271,000. State Street Corp lifted its position 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 last quarter. Bank of America Corp DE bought a new stake in shares of Progressive in the second quarter valued at approximately $2,682,342,000. Aberdeen Group plc grew its stake in shares of Progressive by 1,884.2% in the third quarter. Aberdeen Group plc now owns 9,754,316 shares of the insurance provider’s stock worth $2,022,167,000 after acquiring an additional 9,262,715 shares during the last quarter. Finally, GQG Partners LLC acquired a new stake in shares of Progressive in the second quarter worth $1,538,570,000. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PGR. Wells Fargo & Company cut their target price on shares of Progressive from $201.00 to $196.00 and set an “underweight” rating for the company in a research note on Thursday, October 15th. Piper Sandler raised their price target 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. BMO Capital Markets restated a “market perform” rating on shares of Progressive in a research report on Thursday, October 15th. Roth Capital restated a “buy” rating and set a $245.00 price objective (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. Finally, The Goldman Sachs Group upped their price objective on shares of Progressive from $233.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $234.45.

Progressive Stock Performance

Shares of NYSE PGR traded down $0.02 during trading hours on Friday, reaching $235.47. The stock had a trading volume of 1,525,451 shares, compared to its average volume of 2,395,193. The company has a market cap of $136.42 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 2.73 and a beta of 0.22. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $241.02. The business’s fifty day moving average is $219.95 and its two-hundred day moving average is $210.64. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the transaction, the insider directly owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. This trade represents a 4.08% decrease in their position. The transaction 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, CEO Susan Griffith sold 37,338 shares of Progressive stock in a transaction dated 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 sale, the chief executive officer owned 485,438 shares in the company, valued at approximately $106,553,641. This trade represents a 7.14% 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 41,013 shares of company stock worth $8,988,278 in the last three months. 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.