Index Fund Advisors Inc. Takes Position in The Progressive Co. (NYSE:PGR)

Index Fund Advisors Inc. bought a new stake in shares of The Progressive Co. (NYSE:PGR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 818 shares of the insurance provider’s stock, valued at approximately $208,000.

Other large investors have also recently modified their holdings of the company. Davis Capital Management purchased a new position in shares of Progressive in the 3rd quarter worth about $25,000. WR Wealth Planners LLC raised its position in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. raised its position in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new position in shares of Progressive in the 1st quarter worth about $32,000. Finally, Hilltop National Bank raised its position in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. 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. In other Progressive news, insider Steven Broz sold 6,122 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive 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 sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,843 shares of company stock valued at $18,674,912. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley boosted their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Bank of America boosted their target price on Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Piper Sandler boosted their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Citigroup decreased their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group boosted their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $263.19.

Progressive Stock Performance

Shares of NYSE:PGR traded up $1.63 during mid-day trading on Thursday, reaching $248.88. 83,840 shares of the company traded hands, compared to its average volume of 2,475,415. The company’s 50 day moving average price is $250.14 and its 200-day moving average price is $224.95. The firm has a market cap of $145.76 billion, a PE ratio of 18.06, a PEG ratio of 0.69 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is 2.91%.

About Progressive

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.