The Progressive Co. (NYSE:PGR) Position Lessened by Capital Market Strategies LLC

Capital Market Strategies LLC reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 5.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,293 shares of the insurance provider’s stock after selling 70 shares during the period. Capital Market Strategies LLC’s holdings in Progressive were worth $328,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Davis Capital Management bought a new position in Progressive during the third quarter valued at about $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 valued at $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new position in Progressive during the first quarter valued at about $32,000. Northwest Bank & Trust Co bought a new position in Progressive during the fourth quarter valued at about $25,000. Finally, Hilltop National Bank raised its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 22,708 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at approximately $64,836,041.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, CFO John P. Sauerland sold 22,708 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the transaction, the chief financial officer now owns 302,958 shares of the company’s stock, valued at approximately $64,836,041.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Philip Bleser sold 2,129 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The disclosure for this sale can be found here. Insiders have sold 146,512 shares of company stock valued at $33,912,874 in the last three months. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Down 0.8 %

PGR stock opened at $252.27 on Friday. The Progressive Co. has a 1-year low of $138.69 and a 1-year high of $260.46. The firm has a market cap of $147.75 billion, a P/E ratio of 25.82, a P/E/G ratio of 0.70 and a beta of 0.35. The business’s 50 day moving average is $240.90 and its 200-day moving average is $220.58. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company’s revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. Equities analysts anticipate that The Progressive Co. will post 13.02 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued 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%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Evercore ISI raised 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. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. 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 research report on Wednesday, September 18th. Wells Fargo & Company raised their price target on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, Roth Mkm raised their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.