Index Fund Advisors Inc. Makes New $208,000 Investment in The Progressive Co. (NYSE:PGR)

Index Fund Advisors Inc. acquired a new position in shares of The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 818 shares of the insurance provider’s stock, valued at approximately $208,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raleigh Capital Management Inc. grew its position in Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after acquiring an additional 41 shares in the last quarter. Castleview Partners LLC boosted its holdings in shares of Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after purchasing an additional 45 shares during the period. Sunbelt Securities Inc. boosted its holdings in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in shares of Progressive by 11.8% during the 2nd 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 last quarter. Finally, Farmers & Merchants Investments Inc. raised its holdings in Progressive by 10.4% during the 2nd 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. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America raised their price objective on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. BMO Capital Markets reduced their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $263.19.

Progressive Stock Up 0.7 %

NYSE PGR traded up $1.63 during trading on Thursday, reaching $248.88. 83,840 shares of the company’s stock traded hands, compared to its average volume of 2,475,415. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46. 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 cap of $145.76 billion, a price-to-earnings ratio of 18.06, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The company’s 50 day simple moving average is $250.14 and its two-hundred day simple moving average is $224.95.

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 issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is 2.91%.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The stock was 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 of the company’s stock, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares in the company, valued at $7,626,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock valued at $18,674,912 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.