AustralianSuper Pty Ltd Sells 69,945 Shares of The Progressive Co. (NYSE:PGR)

AustralianSuper Pty Ltd reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,209,740 shares of the insurance provider’s stock after selling 69,945 shares during the quarter. Progressive comprises 1.5% of AustralianSuper Pty Ltd’s investment portfolio, making the stock its 12th biggest position. AustralianSuper Pty Ltd’s holdings in Progressive were worth $306,984,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. SG Americas Securities LLC grew its stake in Progressive by 4,545.0% during the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after acquiring an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Progressive by 548.2% in the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after purchasing an additional 686,433 shares during the period. Capital International Investors raised its position in shares of Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after buying an additional 594,330 shares during the period. Finally, Swedbank AB bought a new position in Progressive in the 1st quarter worth about $116,852,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research analyst reports. Evercore ISI lifted their price target on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Bank of America increased their price target on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, October 24th. Finally, Citigroup lowered their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $263.19.

Progressive Trading Up 0.5 %

PGR traded up $1.22 during trading on Thursday, hitting $244.22. 514,420 shares of the stock traded hands, compared to its average volume of 2,453,032. 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 firm has a market capitalization of $143.03 billion, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 0.67 and a beta of 0.35. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46. The firm has a 50-day moving average of $250.80 and a 200 day moving average of $226.29.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insiders Place Their Bets

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Steven Broz sold 6,122 shares of the stock in a transaction on 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 filing with the SEC, which is available at the SEC website. Also, 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 transaction, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade 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 worth $18,674,912 over the last three months. Company insiders own 0.34% of the company’s stock.

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.