DNB Asset Management AS reduced its stake in The Progressive Co. (NYSE:PGR – Free Report) by 7.0% during the second quarter, HoldingsChannel reports. The firm owned 138,534 shares of the insurance provider’s stock after selling 10,435 shares during the quarter. DNB Asset Management AS’s holdings in Progressive were worth $18,338,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Sunbelt Securities Inc. acquired a new stake in Progressive during the 1st quarter worth approximately $31,000. Exos TFP Holdings LLC boosted its position in Progressive by 270.0% during the 1st quarter. Exos TFP Holdings LLC now owns 222 shares of the insurance provider’s stock worth $32,000 after buying an additional 162 shares during the period. Horan Securities Inc. boosted its position in Progressive by 588.6% during the 1st quarter. Horan Securities Inc. now owns 241 shares of the insurance provider’s stock worth $34,000 after buying an additional 206 shares during the period. Neo Ivy Capital Management acquired a new stake in Progressive during the 2nd quarter worth approximately $35,000. Finally, Arlington Partners LLC boosted its position in Progressive by 47.1% during the 1st quarter. Arlington Partners LLC now owns 256 shares of the insurance provider’s stock worth $37,000 after buying an additional 82 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.
Progressive Stock Performance
NYSE PGR opened at $142.45 on Friday. The company has a fifty day simple moving average of $130.21 and a 200 day simple moving average of $133.60. The Progressive Co. has a 12-month low of $110.04 and a 12-month high of $149.87. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.42. The company has a market cap of $83.38 billion, a P/E ratio of 48.77, a PEG ratio of 1.22 and a beta of 0.47.
Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings results on Thursday, July 13th. The insurance provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.38). Progressive had a net margin of 3.12% and a return on equity of 12.02%. The business had revenue of $15.23 billion during the quarter, compared to analyst estimates of $15.24 billion. Sell-side analysts predict that The Progressive Co. will post 4.69 earnings per share for the current fiscal year.
Progressive Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend is Wednesday, October 4th. Progressive’s dividend payout ratio is 13.70%.
Analyst Ratings Changes
PGR has been the topic of several recent research reports. JPMorgan Chase & Co. upgraded shares of Progressive from a “neutral” rating to an “overweight” rating and set a $146.00 target price on the stock in a research report on Monday, July 17th. Wells Fargo & Company lowered shares of Progressive from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $162.00 to $128.00 in a report on Friday, July 14th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, September 13th. Barclays raised their price target on shares of Progressive from $107.00 to $109.00 and gave the stock an “underweight” rating in a report on Thursday, August 17th. Finally, Raymond James raised their price target on shares of Progressive from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday, August 17th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $142.93.
Read Our Latest Stock Analysis on Progressive
Insiders Place Their Bets
In other Progressive news, insider Andrew J. Quigg sold 5,070 shares of Progressive stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $127.50, for a total transaction of $646,425.00. Following the transaction, the insider now directly owns 20,816 shares of the company’s stock, valued at approximately $2,654,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progressive news, insider Daniel P. Mascaro sold 1,570 shares of Progressive stock in a transaction on Monday, September 18th. The shares were sold at an average price of $140.39, for a total transaction of $220,412.30. Following the transaction, the insider now directly owns 31,706 shares of the company’s stock, valued at approximately $4,451,205.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 5,070 shares of Progressive stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $127.50, for a total transaction of $646,425.00. Following the transaction, the insider now directly owns 20,816 shares in the company, valued at $2,654,040. The disclosure for this sale can be found here. Insiders have sold 76,371 shares of company stock valued at $10,046,656 in the last three months. 0.34% of the stock is currently owned by insiders.
Progressive Company Profile
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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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