Progressive Corp (NYSE:PGR) Shares Sold by Neuberger Berman Group LLC

Neuberger Berman Group LLC cut its stake in Progressive Corp (NYSE:PGR) by 3.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,133,695 shares of the insurance provider’s stock after selling 141,705 shares during the period. Neuberger Berman Group LLC owned approximately 0.71% of Progressive worth $330,967,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Blue Square Asset Management LLC acquired a new position in Progressive during the second quarter valued at approximately $25,000. WASHINGTON TRUST Co acquired a new position in Progressive during the first quarter valued at approximately $25,000. Baystate Wealth Management LLC lifted its position in Progressive by 62.8% during the second quarter. Baystate Wealth Management LLC now owns 389 shares of the insurance provider’s stock valued at $31,000 after buying an additional 150 shares in the last quarter. Security National Trust Co. acquired a new position in Progressive during the first quarter valued at approximately $31,000. Finally, Balentine LLC acquired a new position in Progressive during the first quarter valued at approximately $45,000. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:PGR traded down $1.19 during midday trading on Tuesday, reaching $95.07. The company had a trading volume of 77,229 shares, compared to its average volume of 3,267,816. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.44 and a quick ratio of 0.44. The stock’s fifty day moving average price is $91.37 and its 200-day moving average price is $81.51. The stock has a market capitalization of $56.35 billion, a P/E ratio of 12.78, a PEG ratio of 2.31 and a beta of 0.54. Progressive Corp has a one year low of $62.18 and a one year high of $96.58.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.10. The business had revenue of $10.14 billion during the quarter, compared to analyst estimates of $9.72 billion. Progressive had a net margin of 10.85% and a return on equity of 29.04%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.66 earnings per share. As a group, sell-side analysts forecast that Progressive Corp will post 6.75 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, October 7th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $0.40 annualized dividend and a yield of 0.42%. Progressive’s payout ratio is 5.95%.

In other Progressive news, CFO John P. Sauerland sold 15,000 shares of the business’s stock in a transaction on Thursday, July 16th. The shares were sold at an average price of $85.85, for a total transaction of $1,287,750.00. Following the completion of the sale, the chief financial officer now owns 317,326 shares in the company, valued at $27,242,437.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO M Jeffrey Charney sold 5,858 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $94.80, for a total transaction of $555,338.40. In the last quarter, insiders have sold 50,681 shares of company stock valued at $4,327,719. 0.38% of the stock is owned by insiders.

A number of research analysts have weighed in on the stock. Argus cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Thursday, August 13th. Deutsche Bank boosted their target price on shares of Progressive from $95.00 to $99.00 and gave the stock a “buy” rating in a research report on Friday, August 21st. ValuEngine raised shares of Progressive from a “sell” rating to a “hold” rating in a research report on Tuesday, September 1st. Piper Sandler cut shares of Progressive from an “overweight” rating to a “neutral” rating and set a $88.00 target price on the stock. in a research report on Thursday, June 11th. Finally, Raymond James boosted their target price on shares of Progressive from $100.00 to $110.00 and gave the stock a “strong-buy” rating in a research report on Monday. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $89.25.

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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