Principal Financial Group Inc. Cuts Holdings in The Progressive Co. (NYSE:PGR)

Principal Financial Group Inc. cut its holdings in The Progressive Co. (NYSE:PGR) by 12.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,369,437 shares of the insurance provider’s stock after selling 785,463 shares during the quarter. Progressive accounts for 0.8% of Principal Financial Group Inc.’s portfolio, making the stock its 24th biggest holding. Principal Financial Group Inc. owned 0.92% of Progressive worth $1,362,549,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Rehmann Capital Advisory Group purchased a new position in Progressive in the first quarter valued at about $272,000. Csenge Advisory Group purchased a new position in Progressive during the 1st quarter valued at about $270,000. Manchester Capital Management LLC lifted its holdings in shares of Progressive by 8.6% in the first quarter. Manchester Capital Management LLC now owns 2,477 shares of the insurance provider’s stock valued at $512,000 after purchasing an additional 197 shares in the last quarter. Advisory Services Network LLC increased its stake in shares of Progressive by 12.7% during the 1st quarter. Advisory Services Network LLC now owns 17,880 shares of the insurance provider’s stock worth $3,698,000 after purchasing an additional 2,016 shares in the last quarter. Finally, CFO4Life Group LLC acquired a new position in shares of Progressive during the 1st quarter worth approximately $211,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on PGR shares. Wells Fargo & Company increased their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Barclays boosted their target price on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Citigroup decreased their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Piper Sandler boosted their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Finally, The Goldman Sachs Group upped their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $265.63.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of 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. Insiders sold 74,843 shares of company stock valued at $18,674,912 over the last quarter. Company insiders own 0.34% of the company’s stock.

Progressive Stock Up 4.3 %

Shares of NYSE PGR opened at $258.75 on Thursday. The stock has a fifty day moving average price of $251.12 and a 200 day moving average price of $227.59. 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 12-month low of $149.14 and a 12-month high of $260.46. The company has a market cap of $151.54 billion, a P/E ratio of 18.80, a P/E/G ratio of 0.67 and a beta of 0.36.

Progressive Company 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.