The Progressive Corporation $PGR Shares Purchased by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 3,218.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,049 shares of the insurance provider’s stock after purchasing an additional 3,927 shares during the period. Atlantic Union Bankshares Corp’s holdings in Progressive were worth $1,000,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Davis Capital Management purchased a new stake in Progressive in the 3rd quarter valued at approximately $25,000. Westside Investment Management Inc. raised its holdings in shares of Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares during the last quarter. Howard Hughes Medical Institute purchased a new stake in shares of Progressive in the second quarter valued at $34,000. Richardson Financial Services Inc. boosted its stake in shares of Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 132 shares during the last quarter. Finally, TruNorth Capital Management LLC increased its position in Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. The Goldman Sachs Group set a $227.00 target price on shares of Progressive in a research note on Wednesday, January 7th. Raymond James Financial reduced their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Keefe, Bruyette & Woods decreased their price objective on Progressive from $252.00 to $225.00 and set a “market perform” rating on the stock in a report on Friday, January 30th. Finally, Morgan Stanley dropped their target price on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research note on Wednesday, January 28th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $251.29.

Insider Buying and Selling at Progressive

In related news, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 13,788 shares of company stock worth $3,018,961. 0.34% of the stock is currently owned by insiders.

Progressive Stock Performance

NYSE PGR opened at $205.58 on Thursday. The business’s 50-day simple moving average is $218.16 and its 200-day simple moving average is $229.91. The firm has a market capitalization of $120.55 billion, a P/E ratio of 10.69, a P/E/G ratio of 1.24 and a beta of 0.32. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.08%.

About Progressive

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.