Capital Group Private Client Services Inc. Sells 121,663 Shares of The Progressive Corporation $PGR

Capital Group Private Client Services Inc. reduced its position in The Progressive Corporation (NYSE:PGR) by 75.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,587 shares of the insurance provider’s stock after selling 121,663 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Progressive were worth $10,023,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Bank of Montreal Can lifted its stake in shares of Progressive by 18.3% during the 3rd quarter. Bank of Montreal Can now owns 870,705 shares of the insurance provider’s stock worth $215,021,000 after acquiring an additional 134,602 shares during the last quarter. Legal & General Group Plc increased its stake in Progressive by 4.9% in the third quarter. Legal & General Group Plc now owns 4,196,111 shares of the insurance provider’s stock worth $1,036,230,000 after purchasing an additional 197,603 shares during the period. Fieldview Capital Management LLC lifted its position in shares of Progressive by 1,685.3% during the third quarter. Fieldview Capital Management LLC now owns 19,228 shares of the insurance provider’s stock worth $4,748,000 after purchasing an additional 18,151 shares during the last quarter. LGT Fund Management Co Ltd. lifted its position in shares of Progressive by 8.8% during the third quarter. LGT Fund Management Co Ltd. now owns 25,332 shares of the insurance provider’s stock worth $6,243,000 after purchasing an additional 2,046 shares during the last quarter. Finally, LGT Group Foundation boosted its stake in shares of Progressive by 2.2% during the third quarter. LGT Group Foundation now owns 135,568 shares of the insurance provider’s stock valued at $33,412,000 after purchasing an additional 2,908 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PGR. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. The Goldman Sachs Group restated a “buy” rating and issued a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Morgan Stanley reduced their target price on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $245.50.

Progressive Stock Down 1.9%

NYSE:PGR opened at $206.70 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The company has a 50-day moving average of $208.55 and a 200 day moving average of $223.48. The firm has a market cap of $121.10 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 9.19 and a beta of 0.33.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s dividend payout ratio is presently 2.08%.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 12,761 shares of company stock worth $2,659,420. Insiders own 0.33% of the company’s stock.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.