AustralianSuper Pty Ltd Has $306.98 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

AustralianSuper Pty Ltd trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,209,740 shares of the insurance provider’s stock after selling 69,945 shares during the quarter. Progressive accounts for about 1.5% of AustralianSuper Pty Ltd’s portfolio, making the stock its 12th largest position. AustralianSuper Pty Ltd owned 0.21% of Progressive worth $306,984,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. US Bancorp DE increased its stake in shares of Progressive by 0.4% in the third quarter. US Bancorp DE now owns 219,595 shares of the insurance provider’s stock valued at $55,726,000 after buying an additional 802 shares during the period. Cornerstone Wealth Group LLC acquired a new stake in Progressive during the 3rd quarter valued at approximately $232,000. Oak Harvest Investment Services bought a new position in Progressive during the 3rd quarter worth approximately $6,752,000. SteelPeak Wealth LLC lifted its position in shares of Progressive by 739.9% in the 3rd quarter. SteelPeak Wealth LLC now owns 8,693 shares of the insurance provider’s stock worth $2,206,000 after purchasing an additional 7,658 shares during the period. Finally, Sunburst Financial Group LLC bought a new stake in shares of Progressive in the 3rd quarter valued at $204,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 0.5 %

Shares of Progressive stock traded up $1.22 on Thursday, hitting $244.22. The company had a trading volume of 514,420 shares, compared to its average volume of 2,453,032. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $260.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a 50 day moving average of $250.80 and a 200-day moving average of $226.29. The stock has a market capitalization of $143.03 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 0.67 and a beta of 0.35.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insider Buying and Selling

In other news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Keefe, Bruyette & Woods boosted their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Morgan Stanley boosted their price target on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Finally, Jefferies Financial Group raised their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $263.19.

About Progressive

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.