Deseret Mutual Benefit Administrators Lowers Stock Position in The Progressive Co. (NYSE:PGR)

Deseret Mutual Benefit Administrators trimmed its position in The Progressive Co. (NYSE:PGR) by 4.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,658 shares of the insurance provider’s stock after selling 74 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Progressive were worth $421,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raleigh Capital Management Inc. raised its stake in shares of Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares during the period. Castleview Partners LLC grew its position in shares of Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after acquiring an additional 45 shares during the period. Sunbelt Securities Inc. lifted its stake in Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 46 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after purchasing an additional 48 shares during the period. Finally, Farmers & Merchants Investments Inc. raised its stake in shares of Progressive by 10.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after buying an additional 48 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $258.75 on Thursday. The firm’s fifty day moving average price is $251.12 and its 200-day moving average price is $227.59. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market cap of $151.54 billion, a P/E ratio of 18.80, a price-to-earnings-growth ratio of 0.67 and a beta of 0.36.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value 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 $7,600,400.04. 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 available through the SEC website. In related news, insider Steven Broz sold 6,122 shares of the business’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 transaction, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on PGR shares. BMO Capital Markets cut their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Piper Sandler boosted their price target 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. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.63.

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.