The Progressive Co. (NYSE:PGR) Shares Sold by Conning Inc.

Conning Inc. cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.2% in the 3rd quarter, Holdings Channel reports. The fund owned 20,292 shares of the insurance provider’s stock after selling 2,054 shares during the period. Conning Inc.’s holdings in Progressive were worth $5,149,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PGR. Norden Group LLC acquired a new stake in shares of Progressive during the first quarter valued at about $987,000. Private Advisor Group LLC grew its stake in shares of Progressive by 7.4% during the first quarter. Private Advisor Group LLC now owns 10,610 shares of the insurance provider’s stock valued at $2,194,000 after acquiring an additional 727 shares in the last quarter. Choreo LLC grew its stake in shares of Progressive by 0.8% during the first quarter. Choreo LLC now owns 8,560 shares of the insurance provider’s stock valued at $1,770,000 after acquiring an additional 64 shares in the last quarter. Graypoint LLC grew its stake in Progressive by 7.8% in the first quarter. Graypoint LLC now owns 4,153 shares of the insurance provider’s stock worth $859,000 after purchasing an additional 299 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in Progressive by 16.3% in the first quarter. Daiwa Securities Group Inc. now owns 61,809 shares of the insurance provider’s stock worth $12,784,000 after purchasing an additional 8,662 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now owns 45,787 shares in the company, valued at $10,874,412.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,843 shares of company stock valued at $18,674,912. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

PGR opened at $242.72 on Friday. The business’s 50 day moving average is $250.88 and its 200-day moving average is $226.79. The stock has a market cap of $142.15 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 0.67 and a beta of 0.36. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $260.46.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PGR shares. Keefe, Bruyette & Woods lifted their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Citigroup decreased their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Piper Sandler lifted their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Evercore ISI lifted their price target on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Barclays lifted their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average target price of $263.19.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.