The Progressive Corporation $PGR Shares Sold by Mcdonald Capital Investors Inc. CA

Mcdonald Capital Investors Inc. CA lowered its position in The Progressive Corporation (NYSE:PGR) by 9.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 727,928 shares of the insurance provider’s stock after selling 78,800 shares during the period. Progressive comprises about 12.4% of Mcdonald Capital Investors Inc. CA’s investment portfolio, making the stock its biggest position. Mcdonald Capital Investors Inc. CA’s holdings in Progressive were worth $150,907,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Asset Management One Co. Ltd. increased its position in shares of Progressive by 2.6% in the third quarter. Asset Management One Co. Ltd. now owns 262,760 shares of the insurance provider’s stock worth $54,473,000 after purchasing an additional 6,536 shares during the last quarter. Latitude Advisors LLC purchased a new stake in Progressive in the third quarter valued at approximately $27,000. SYM FINANCIAL Corp raised its stake in Progressive by 22.3% in the third quarter. SYM FINANCIAL Corp now owns 1,170 shares of the insurance provider’s stock valued at $243,000 after purchasing an additional 213 shares in the last quarter. Center for Financial Planning Inc. lifted its position in Progressive by 2.5% during the third quarter. Center for Financial Planning Inc. now owns 3,250 shares of the insurance provider’s stock valued at $674,000 after purchasing an additional 79 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its position in Progressive by 16.2% during the third quarter. Park Avenue Securities LLC now owns 27,384 shares of the insurance provider’s stock valued at $5,677,000 after purchasing an additional 3,816 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the completion of the transaction, the chief executive officer directly owned 485,438 shares of the company’s stock, valued at approximately $106,553,641. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 48,352 shares of company stock valued at $10,524,258 over the last three months. 0.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. William Blair reissued a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a report on Thursday, October 15th. Mizuho dropped their price objective on shares of Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, September 16th. Bank of America upped their target price on shares of Progressive from $302.00 to $314.00 in a research report on Thursday, October 1st. Finally, Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $234.45.

Progressive Trading Down 1.7%

Shares of PGR stock opened at $225.43 on Wednesday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $239.38. The stock has a 50 day moving average price of $216.80 and a two-hundred day moving average price of $209.07.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were paid 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 was Thursday, October 1st.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.