Vice Pres, Secretary and CLO Mascaro Daniel P sold 2,806 shares of The Progressive Corporation [PGR]


The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. The Progressive Corporation shares valued at $397,442 were sold by Mascaro Daniel P on Feb 24. At $141.64 per share, Mascaro Daniel P sold 2,806 shares. The insider’s holdings dropped to 36,082 shares worth approximately $5.13 million following the completion of this transaction.

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Also, Broz Steven sold 930 shares, netting a total of over 131,725 in proceeds. Following the sale of shares at $141.64 each, the insider now holds 29,111 shares.

Before that, Griffith Susan Patricia had sold 15,473 shares from its account. In a trade valued at $2,207,069, the President and CEO traded The Progressive Corporation shares for $142.64 each. Upon closing the transaction, the insider’s holdings decreased to 15,473 shares, worth approximately $61.43 million.

As published in a research note from Piper Sandler on February 13, 2023, The Progressive Corporation [PGR] has been rated up from an Underweight to a Neutral and the price target has been revised to $138 from $133. This represents a -3.08% premium over Thursday’s closing price. Analysts at BMO Capital Markets started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid January. As of October 07, 2022, Jefferies has increased its “Hold” rating to a “Buy” for PGR. Earlier on June 24, 2022, Keefe Bruyette upgraded its rating. Their new recommendation was “a Mkt perform” for PGR stock which previously was a “an Underperform”.

Analyzing PGR Stock Performance

On Thursday, The Progressive Corporation [NYSE: PGR] rose 0.01% to $142.25. The stock’s lowest price that day was $140.91, but it reached a high of $142.705 in the same session. During the last five days, there has been a drop of approximately -0.08%. Over the course of the year, The Progressive Corporation shares have jumped approximately 9.67%. Shares of the company reached a 52-week high of $144.38 on 02/28/23 and a 52-week low of $125.31 on 01/19/23. A 50-day SMA is recorded $134.86, while a 200-day SMA reached $124.71. Nevertheless, trading volume fell to 1.43 million shares from 2.35 million shares the previous day.

Support And Resistance Levels for The Progressive Corporation (PGR)

According to the 24-hour chart, there is a support level at 141.21, which, if violated, would cause prices to drop to 140.16. In the upper region, resistance lies at 143.00. The next price resistance is at 143.75. RSI (Relative Strength Index) is 62.05 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.05, which suggests the price will increase in the coming days. Percent R is at 29.22%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is The Progressive Corporation subject to short interest?

Stocks of The Progressive Corporation saw a sharp steep in short interest on Jan 12, 2023 dropping by 30000.0 shares to 2.68 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 2.71 million shares. A decline of -1.12% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.26 of the overall float, the days-to-cover ratio (short ratio) decline to 1.26.

Which companies own the most shares of The Progressive Corporation (PGR)?

According to The Vanguard Group, Inc. filings, the company currently owns 48,116,052 shares, which is about 8.22% of the total PGR shares outstanding. The investor’s shares have appreciated by 636,182 from its previous 13-F filing of 47479870.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $4,082,893,034. SSgA Funds Management, Inc. acquire a 3.02% interest valued at $3.48 billion while JPMorgan Investment Management, I sold a -576,952 stake. A total of -2,733,115 shares of The Progressive Corporation were sold by Wellington Management Co. LLP during the quarter, and -295,859 were sold by Massachusetts Financial Services. In its current portfolio, Managed Account Advisors LLC holds 14,982,326 shares valued at $2.04 billion.


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