The Progressive Co. (NYSE:PGR) Shares Purchased by abrdn plc

abrdn plc grew its stake in shares of The Progressive Co. (NYSE:PGR) by 5.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 392,382 shares of the insurance provider’s stock after acquiring an additional 21,293 shares during the period. abrdn plc owned about 0.07% of Progressive worth $99,000,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Norden Group LLC purchased a new position in shares of Progressive in the first quarter worth approximately $987,000. First Trust Direct Indexing L.P. grew its position in Progressive by 4.3% during the 1st quarter. First Trust Direct Indexing L.P. now owns 20,292 shares of the insurance provider’s stock worth $4,197,000 after purchasing an additional 833 shares in the last quarter. New Century Financial Group LLC purchased a new stake in shares of Progressive in the first quarter valued at $249,000. Maryland State Retirement & Pension System boosted its position in shares of Progressive by 0.9% in the first quarter. Maryland State Retirement & Pension System now owns 45,887 shares of the insurance provider’s stock worth $9,530,000 after buying an additional 389 shares during the period. Finally, Hartline Investment Corp purchased a new position in shares of Progressive during the first quarter valued at $265,000. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 9,512 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This 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 can be accessed through this hyperlink. In other news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 6,122 shares of the stock in a transaction dated 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 owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock valued at $18,674,912 in the last three months. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 1.1 %

PGR stock opened at $241.68 on Wednesday. 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 company has a 50-day moving average of $250.69 and a two-hundred day moving average of $226.17. The stock has a market capitalization of $141.54 billion, a price-to-earnings ratio of 17.56, a price-to-earnings-growth ratio of 0.67 and a beta of 0.35. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PGR shares. Morgan Stanley raised their price objective on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. The Goldman Sachs Group boosted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI lifted their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, BMO Capital Markets cut their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average target price of $263.19.

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.