Progressive Corp (NYSE:PGR) Holdings Lowered by Wright Investors Service Inc.

Wright Investors Service Inc. decreased its position in shares of Progressive Corp (NYSE:PGR) by 2.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,413 shares of the insurance provider’s stock after selling 2,145 shares during the quarter. Progressive accounts for about 2.5% of Wright Investors Service Inc.’s holdings, making the stock its 6th biggest position. Wright Investors Service Inc.’s holdings in Progressive were worth $6,507,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Sigma Planning Corp lifted its stake in Progressive by 27.3% in the 2nd quarter. Sigma Planning Corp now owns 9,441 shares of the insurance provider’s stock valued at $755,000 after buying an additional 2,026 shares in the last quarter. Stephens Inc. AR lifted its stake in Progressive by 19.5% in the 2nd quarter. Stephens Inc. AR now owns 13,245 shares of the insurance provider’s stock valued at $1,059,000 after buying an additional 2,160 shares in the last quarter. TRUE Private Wealth Advisors lifted its stake in Progressive by 3.5% in the 2nd quarter. TRUE Private Wealth Advisors now owns 4,254 shares of the insurance provider’s stock valued at $340,000 after buying an additional 144 shares in the last quarter. Chesapeake Wealth Management lifted its stake in Progressive by 13.4% in the 2nd quarter. Chesapeake Wealth Management now owns 17,883 shares of the insurance provider’s stock valued at $1,429,000 after buying an additional 2,108 shares in the last quarter. Finally, Oakmont Corp lifted its stake in Progressive by 36.4% in the 2nd quarter. Oakmont Corp now owns 398,915 shares of the insurance provider’s stock valued at $31,885,000 after buying an additional 106,461 shares in the last quarter. 78.51% of the stock is currently owned by institutional investors and hedge funds.

PGR has been the subject of several analyst reports. B. Riley boosted their price target on Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Buckingham Research set a $64.00 price target on Progressive and gave the company a “hold” rating in a report on Monday, May 13th. Credit Suisse Group boosted their price target on Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Wednesday, April 17th. Barclays boosted their price target on Progressive from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, July 1st. Finally, UBS Group boosted their price target on Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $82.92.

PGR traded up $0.81 during trading on Thursday, hitting $76.39. The company’s stock had a trading volume of 1,223,699 shares, compared to its average volume of 2,619,716. The business has a 50 day simple moving average of $81.23. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market cap of $46.20 billion, a PE ratio of 17.28, a PEG ratio of 2.01 and a beta of 0.66. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $84.96.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.23. The company had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.13 billion. Progressive had a return on equity of 28.12% and a net margin of 9.19%. Progressive’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.19 EPS. As a group, research analysts expect that Progressive Corp will post 5.36 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, October 7th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.52%. Progressive’s payout ratio is 9.05%.

In other news, insider Steven Broz sold 3,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $81.49, for a total transaction of $244,470.00. Following the completion of the sale, the insider now directly owns 15,701 shares in the company, valued at approximately $1,279,474.49. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $78.07, for a total value of $936,840.00. Following the sale, the chief financial officer now owns 347,815 shares of the company’s stock, valued at $27,153,917.05. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,500 shares of company stock valued at $3,727,890. Insiders own 0.39% of the company’s stock.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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