Gateway Investment Advisers LLC Sells 245 Shares of The Progressive Co. (NYSE:PGR)

Posted by Defense World Staff on Mar 25th, 2023

Gateway Investment Advisers LLC decreased its holdings in The Progressive Co. (NYSE:PGR – Get Rating) by 9.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,440 shares of the insurance provider’s stock after selling 245 shares during the period. Gateway Investment Advisers LLC’s holdings in Progressive were worth $317,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PGR. Price T Rowe Associates Inc. MD increased its stake in shares of Progressive by 530.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,158,996 shares of the insurance provider’s stock valued at $1,297,456,000 after purchasing an additional 9,388,746 shares during the last quarter. Ontario Teachers Pension Plan Board increased its stake in shares of Progressive by 1,235.2% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 3,762,311 shares of the insurance provider’s stock valued at $437,218,000 after purchasing an additional 3,480,538 shares during the last quarter. FMR LLC boosted its holdings in shares of Progressive by 14.3% during the 2nd quarter. FMR LLC now owns 8,854,883 shares of the insurance provider’s stock valued at $1,029,557,000 after acquiring an additional 1,110,545 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Progressive by 15.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,142,690 shares of the insurance provider’s stock valued at $713,841,000 after acquiring an additional 799,553 shares in the last quarter. Finally, Prudential Financial Inc. boosted its holdings in shares of Progressive by 157.0% during the 3rd quarter. Prudential Financial Inc. now owns 1,279,426 shares of the insurance provider’s stock valued at $148,698,000 after acquiring an additional 781,617 shares in the last quarter. Institutional investors own 83.19% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their price objective on Progressive from $127.00 to $140.00 and gave the company a “market perform” rating in a report on Friday, February 17th. Wells Fargo & Company raised Progressive from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $116.00 to $158.00 in a report on Thursday, March 16th. Piper Sandler raised Progressive from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $133.00 to $138.00 in a report on Monday, February 13th. Roth Mkm raised their price objective on Progressive from $150.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, February 16th. Finally, Raymond James lifted their target price on Progressive from $145.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, January 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $139.85.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 26,885 shares of the business’s stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total value of $3,504,728.60. Following the transaction, the chief executive officer now owns 431,810 shares in the company, valued at approximately $56,290,751.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Susan Patricia Griffith sold 26,885 shares of the company’s stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total value of $3,504,728.60. Following the transaction, the chief executive officer now owns 431,810 shares in the company, valued at $56,290,751.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick K. Callahan sold 3,644 shares of the stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total value of $475,031.84. Following the sale, the insider now owns 15,186 shares in the company, valued at approximately $1,979,646.96. The disclosure for this sale can be found here. Insiders have sold 50,710 shares of company stock worth $6,845,828 in the last 90 days. Insiders own 0.37% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $140.43 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a 50 day moving average price of $138.35 and a two-hundred day moving average price of $130.80. The firm has a market capitalization of $82.20 billion, a P/E ratio of 119.01, a P/E/G ratio of 0.87 and a beta of 0.50. The Progressive Co. has a 52 week low of $106.35 and a 52 week high of $146.50.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Thursday, April 6th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, April 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.28%. Progressive’s payout ratio is presently 33.90%.

About Progressive

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.