The Progressive Co. (NYSE:PGR) Shares Sold by ASB Consultores LLC

ASB Consultores LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 16.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,020 shares of the insurance provider’s stock after selling 791 shares during the period. ASB Consultores LLC’s holdings in Progressive were worth $835,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sachetta LLC acquired a new position in Progressive in the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co acquired a new position in Progressive during the fourth quarter worth $25,000. WR Wealth Planners LLC lifted its stake 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 acquired a new position in Progressive during the first quarter worth $32,000. Finally, Hilltop National Bank lifted its stake in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now owns 974 shares in the company, valued at $213,383.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Philip Bleser sold 2,129 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the transaction, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The disclosure for this sale can be found here. Insiders sold a total of 146,704 shares of company stock worth $33,367,408 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $255.17 on Friday. The Progressive Co. has a fifty-two week low of $137.59 and a fifty-two week high of $260.46. The company has a market capitalization of $149.45 billion, a price-to-earnings ratio of 26.12, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The firm has a 50-day simple moving average of $233.24 and a 200-day simple moving average of $216.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share 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 business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. On average, equities research analysts anticipate that The Progressive Co. will post 12.29 earnings per share for the current year.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have commented on PGR. Bank of America upped their price target on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. BMO Capital Markets decreased their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Barclays started coverage on Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target on the stock. Wells Fargo & Company upped their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Citigroup cut their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Six investment 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $257.18.

Progressive Company Profile

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.