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

Deseret Mutual Benefit Administrators lowered its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Rehmann Capital Advisory Group bought a new position in Progressive in the 1st quarter valued at approximately $272,000. Csenge Advisory Group bought a new stake in Progressive in the 1st quarter worth approximately $270,000. Manchester Capital Management LLC increased its position in Progressive by 8.6% during the first quarter. Manchester Capital Management LLC now owns 2,477 shares of the insurance provider’s stock valued at $512,000 after acquiring an additional 197 shares during the last quarter. Advisory Services Network LLC lifted its holdings in Progressive by 12.7% in the first quarter. Advisory Services Network LLC now owns 17,880 shares of the insurance provider’s stock valued at $3,698,000 after acquiring an additional 2,016 shares during the period. Finally, CFO4Life Group LLC bought a new stake in shares of Progressive during the 1st quarter valued at about $211,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares in the company, valued at $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,843 shares of company stock worth $18,674,912. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of NYSE:PGR opened at $258.75 on Thursday. The firm has a fifty day simple moving average of $251.12 and a two-hundred day simple moving average of $227.59. 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 stock has a market capitalization of $151.54 billion, a P/E ratio of 18.80, a PEG ratio of 0.67 and a beta of 0.36. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46.

Analysts Set New Price Targets

Several research analysts have weighed in on PGR shares. The Goldman Sachs Group increased their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Piper Sandler raised their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. BMO Capital Markets decreased their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Jefferies Financial Group raised their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Seven investment 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’s stock. According to data from MarketBeat.com, the company currently 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.