The Progressive Co. (NYSE:PGR) Stock Position Decreased by Sky Investment Group LLC

Sky Investment Group LLC lowered its holdings in The Progressive Co. (NYSE:PGR) by 12.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,820 shares of the insurance provider’s stock after selling 400 shares during the period. Sky Investment Group LLC’s holdings in Progressive were worth $716,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PGR. Raleigh Capital Management Inc. lifted its holdings in shares of Progressive by 20.9% in 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 last quarter. Castleview Partners LLC boosted its holdings in shares of Progressive by 2.7% during the third 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. boosted its holdings in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 46 shares during the period. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares during the period. Finally, Farmers & Merchants Investments Inc. lifted its position in Progressive by 10.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after purchasing an additional 48 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 1.7 %

Shares of Progressive stock traded down $4.38 on Tuesday, hitting $246.36. 293,019 shares of the company traded hands, compared to its average volume of 2,486,618. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market cap of $144.29 billion, a PE ratio of 25.46, a PEG ratio of 0.70 and a beta of 0.35. The company has a 50-day moving average price of $249.36 and a 200 day moving average price of $224.53.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s payout ratio is presently 4.09%.

Insider Buying and Selling at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of the 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 transaction, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 71,862 shares of company stock worth $17,926,234 over the last ninety days. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Jefferies Financial Group boosted their price target on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays assumed coverage on Progressive in a report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average price target of $268.81.

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.