Woodley Farra Manion Portfolio Management Inc. Sells 4,219 Shares of The Progressive Corporation $PGR

Woodley Farra Manion Portfolio Management Inc. trimmed its stake in The Progressive Corporation (NYSE:PGR) by 1.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 304,729 shares of the insurance provider’s stock after selling 4,219 shares during the period. Progressive accounts for approximately 3.2% of Woodley Farra Manion Portfolio Management Inc.’s holdings, making the stock its 9th largest position. Woodley Farra Manion Portfolio Management Inc. owned about 0.05% of Progressive worth $63,173,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Progressive during the 2nd quarter valued at $10,496,271,000. State Street Corp boosted its holdings in Progressive by 2.5% in the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock worth $5,794,814,000 after buying an additional 656,249 shares during the period. Bank of America Corp DE bought a new position in Progressive in the 2nd quarter worth $2,682,342,000. GQG Partners LLC bought a new position in Progressive in the 2nd quarter worth $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Progressive by 6.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock worth $1,482,010,000 after buying an additional 410,326 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Up 1.7%

NYSE PGR opened at $231.35 on Wednesday. The stock has a 50 day moving average price of $219.18 and a 200-day moving average price of $210.23. The Progressive Corporation has a one year low of $189.20 and a one year high of $241.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market capitalization of $134.04 billion, a P/E ratio of 11.65, a P/E/G ratio of 2.63 and a beta of 0.22.

Analyst Ratings Changes

Several equities analysts have recently commented on PGR shares. Cantor Fitzgerald lowered their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, August 17th. The Goldman Sachs Group increased their target price on Progressive from $233.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 1st. Weiss Ratings upgraded Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research note on Thursday, October 15th. Finally, Roth Capital reissued a “buy” rating and issued a $245.00 price target (up from $235.00) on shares of Progressive in a report on Thursday, August 20th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $234.45.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the transaction, the insider owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the transaction, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 48,352 shares of company stock worth $10,524,258. 0.32% of the stock is currently owned by company insiders.

About Progressive

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage. The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.