The Progressive Co. (NYSE:PGR) Shares Sold by Coronation Fund Managers Ltd.

Coronation Fund Managers Ltd. cut its position in shares of The Progressive Co. (NYSE:PGR) by 26.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,122 shares of the insurance provider’s stock after selling 7,099 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in Progressive were worth $4,180,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. WR Wealth Planners LLC boosted its position in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the first quarter valued at approximately $32,000. Northwest Bank & Trust Co purchased a new position in shares of Progressive during the 4th quarter worth approximately $25,000. Hilltop National Bank raised its position in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC acquired a new position in shares of Progressive during the 1st quarter worth approximately $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of Progressive stock opened at $254.37 on Wednesday. The stock has a market capitalization of $148.98 billion, a P/E ratio of 26.04, a PEG ratio of 0.72 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The business’s fifty day moving average price is $239.33 and its 200 day moving average price is $220.12. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping 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 business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the previous year, the business earned $0.57 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, research analysts anticipate that The Progressive Co. will post 12.9 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Activity

In related news, CFO John P. Sauerland sold 22,708 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $4,859,739.08. Following the completion of the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at approximately $64,836,041.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at $3,462,038.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the sale, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at $64,836,041.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,512 shares of company stock valued at $33,912,874. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of several recent research reports. Jefferies Financial Group raised their price target on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. BMO Capital Markets cut their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Barclays began 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. Finally, Roth Mkm boosted their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $257.18.

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.