The Progressive Co. (NYSE:PGR) Position Boosted by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. boosted its position in shares of The Progressive Co. (NYSE:PGR) by 13.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,154 shares of the insurance provider’s stock after purchasing an additional 3,011 shares during the period. First Trust Direct Indexing L.P.’s holdings in Progressive were worth $6,637,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. SG Americas Securities LLC grew its position in shares of Progressive by 4,545.0% in the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after purchasing an additional 690,060 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after purchasing an additional 686,433 shares during the last quarter. Capital International Investors boosted its holdings in Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after purchasing an additional 670,006 shares during the period. International Assets Investment Management LLC grew its position in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after purchasing an additional 594,330 shares during the last quarter. Finally, Swedbank AB bought a new position in shares of Progressive during the 1st quarter worth about $116,852,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 0.5 %

Shares of PGR traded up $1.11 on Wednesday, hitting $242.79. The company’s stock had a trading volume of 392,295 shares, compared to its average volume of 2,456,703. The firm’s fifty day moving average price is $250.69 and its 200-day moving average price is $226.17. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $142.19 billion, a price-to-earnings ratio of 17.63, a P/E/G ratio of 0.67 and a beta of 0.35.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PGR. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 24th. Evercore ISI upped their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group upped their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $263.19.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,843 shares of company stock worth $18,674,912. Corporate insiders own 0.34% of the company’s stock.

Progressive Company Profile

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.