The Progressive Co. (NYSE:PGR) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 3.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 430,156 shares of the insurance provider’s stock after selling 15,176 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of Progressive worth $109,156,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PGR. Jennison Associates LLC boosted its stake in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after acquiring an additional 594,330 shares during the last quarter. SG Americas Securities LLC boosted its stake in Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after buying an additional 590,235 shares during the last quarter. Swedbank AB acquired a new stake in Progressive in the 1st quarter worth about $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in Progressive by 457.2% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock worth $135,366,000 after buying an additional 534,754 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. The trade was a 33.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 in the last three months. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

Shares of NYSE:PGR opened at $268.00 on Wednesday. The company has a market cap of $157.00 billion, a P/E ratio of 19.48, a PEG ratio of 0.74 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a one year low of $149.14 and a one year high of $268.16. The business’s 50-day simple moving average is $253.47 and its 200 day simple moving average is $232.47.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, sell-side analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on PGR. Evercore ISI raised their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. BMO Capital Markets decreased their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler lifted their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. lifted their price objective on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

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.