The Progressive Co. (NYSE:PGR) Shares Sold by CX Institutional

CX Institutional reduced its stake in The Progressive Co. (NYSE:PGR) by 15.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,153 shares of the insurance provider’s stock after selling 768 shares during the quarter. CX Institutional’s holdings in Progressive were worth $1,054,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Davis Capital Management acquired a new position in Progressive in the 3rd quarter valued at $25,000. WR Wealth Planners LLC raised its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO purchased a new position in Progressive during the first quarter worth about $32,000. Hilltop National Bank lifted its position in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. Finally, Register Financial Advisors LLC purchased a new stake in Progressive in the 1st quarter valued at approximately $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction 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 owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,383 shares of company stock worth $33,446,453. 0.34% of the stock is owned by company insiders.

Progressive Price Performance

Progressive stock opened at $255.37 on Thursday. The firm’s 50-day moving average is $247.56 and its two-hundred day moving average is $223.57. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $149.57 billion, a P/E ratio of 26.14, a P/E/G ratio of 0.69 and a beta of 0.35. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the previous year, the company earned $0.57 EPS. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis. Equities analysts predict that The Progressive Co. will post 13.07 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. The Goldman Sachs Group raised their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a report on Monday, August 12th. Barclays started coverage on shares of Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, BMO Capital Markets lowered their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $268.19.

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.