Flputnam Investment Management Co. Reduces Stake in The Progressive Co.

Flputnam Investment Management Co. has scaled down its investment in The Progressive Corporation, a major insurance firm listed on the New York Stock Exchange under the ticker PGR. The investment company reduced its holdings by 11.4%, as reported in the recent Form 13F filing with the Securities and Exchange Commission for the third quarter. After the sale of 508 shares during the quarter, Flputnam's ownership in Progressive stood at 3,966 shares. The value of these holdings was estimated at around $552,000 at the time of the most recent SEC filing.

Diverse Movements Among Institutional Investors

Other institutional investors and hedge funds have also been adjusting their positions in Progressive. Changes include significant increases by the Illinois Municipal Retirement Fund, which boosted its stake by 143.4%, and Parsons Capital Management Inc. RI, which made a 3.3% increase. Similarly, HBK Sorce Advisory LLC and Lincoln National Corp saw respective increases of 16.2% and 13.0% in their Progressive shares. Moreover, Ieq Capital LLC escalated its holdings by 4.7%. Together, institutional investors and hedge funds own 83.66% of Progressive's stock.

Analysts Adjust Progressive Price Targets

Several research firms have issued updates on Progressive's stock. Bank of America reduced its target price slightly while others like Wells Fargo & Company and Piper Sandler provided more optimistic assessments, raising their price objectives. UBS Group and Roth Mkm also revised their targets upward, maintaining a "neutral" and a "buy" rating, respectively. Overall, the consensus among analysts appears to hold a balanced view, with Progressive enjoying a blend of sell, hold, and buy ratings.

Progressive Stock Sees Modest Uptick

Progressive's stock has seen a slight increase, opening at $179.42 on a recent trading day. The company, valued at $104.97 billion in terms of market capitalization, presented strong quarterly earnings with a revenue figure exceeding expectations. Progressive's ongoing performance includes a dividend payout, reflecting a commitment to shareholder returns. The dividend yield currently stands at 0.22%.

Insider Transactions Reported

There has been notable insider activity within Progressive, with several insiders effectuating significant stock transactions. These moves, detailed in SEC filings, offer insight into the stake that company insiders hold in the corporation’s future.

About The Progressive Corporation

The Progressive Corporation provides a wide array of insurance products including personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance services, operating across three key segments: Personal Lines, Commercial Lines, and Property.

Flputnam, Progressive, Investment