Means Investment CO. Inc. lowered its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 11.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,192 shares of the insurance provider’s stock after selling 154 shares during the quarter. Means Investment CO. Inc.’s holdings in Progressive were worth $248,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Aviance Capital Partners LLC acquired a new position in shares of Progressive in the 1st quarter worth approximately $3,628,000. TCW Group Inc. bought a new stake in Progressive during the fourth quarter worth approximately $1,988,000. Brevan Howard Capital Management LP acquired a new position in Progressive in the fourth quarter worth approximately $3,090,000. Concurrent Investment Advisors LLC increased its holdings in shares of Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after buying an additional 2,719 shares in the last quarter. Finally, Banque Cantonale Vaudoise lifted its position in shares of Progressive by 90.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after acquiring an additional 10,000 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Progressive news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the sale, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progressive news, insider Steven Broz sold 3,050 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,319 shares of company stock worth $23,671,517. Insiders own 0.34% of the company’s stock.
Progressive Trading Up 0.8 %
Progressive (NYSE:PGR – Get Free Report) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, sell-side analysts forecast that The Progressive Co. will post 12.03 EPS for the current fiscal year.
Progressive Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s payout ratio is 4.09%.
Analyst Ratings Changes
A number of brokerages recently issued reports on PGR. Bank of America decreased their target price on Progressive from $296.00 to $294.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research report on Monday, August 12th. The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and increased their price target for the company from $230.00 to $262.00 in a research report on Thursday, August 15th. JPMorgan Chase & Co. increased their price target on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Finally, Evercore ISI increased their price target on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $234.41.
Check Out Our Latest Report on PGR
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.
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