The Progressive Co. (NYSE:PGR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 12.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,369,437 shares of the insurance provider’s stock after selling 785,463 shares during the period. Progressive comprises approximately 0.8% of Principal Financial Group Inc.’s holdings, making the stock its 24th biggest position. Principal Financial Group Inc.’s holdings in Progressive were worth $1,362,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. Davis Capital Management acquired a new stake in shares of Progressive during the third quarter worth $25,000. WR Wealth Planners LLC boosted its stake in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the period. Hilltop National Bank grew its holdings in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. raised its position in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Finally, LRI Investments LLC bought a new stake in shares of Progressive in the 1st quarter worth approximately $36,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $258.75 on Thursday. 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 company 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. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46. The firm’s 50 day simple moving average is $251.12 and its 200-day simple moving average is $227.59.

Insiders Place Their Bets

In other 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 value of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. This represents a 0.00 % decrease in their ownership of the stock. 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 6,122 shares of the company’s 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 transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares in the company, 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 have sold 74,843 shares of company stock worth $18,674,912. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several analyst reports. Piper Sandler increased their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Bank of America increased their price objective on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Barclays boosted their target price on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group raised their price target 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. Finally, JPMorgan Chase & Co. increased their price objective on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Seven investment 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.63.

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.