Blair William & Co. IL decreased its stake in shares of Progressive Corp (NYSE:PGR) by 9.1% in the first quarter, Holdings Channel.com reports. The fund owned 1,083,083 shares of the insurance provider’s stock after selling 108,996 shares during the period. Blair William & Co. IL’s holdings in Progressive were worth $79,975,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of PGR. Sequoia Financial Advisors LLC raised its stake in Progressive by 17.6% during the first quarter. Sequoia Financial Advisors LLC now owns 3,504 shares of the insurance provider’s stock valued at $259,000 after purchasing an additional 524 shares in the last quarter. MainStreet Investment Advisors LLC purchased a new stake in Progressive during the first quarter valued at $315,000. Argent Trust Co purchased a new stake in Progressive during the first quarter valued at $672,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Progressive by 1.2% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 116,386 shares of the insurance provider’s stock valued at $8,594,000 after purchasing an additional 1,331 shares in the last quarter. Finally, Tredje AP fonden raised its stake in Progressive by 19.7% during the first quarter. Tredje AP fonden now owns 42,639 shares of the insurance provider’s stock valued at $2,626,000 after purchasing an additional 7,023 shares in the last quarter. Hedge funds and other institutional investors own 78.53% of the company’s stock.
In other news, CEO Susan Patricia Griffith sold 34,468 shares of the firm’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $78.73, for a total value of $2,713,665.64. Following the sale, the chief executive officer now directly owns 352,462 shares in the company, valued at approximately $27,749,333.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 15,000 shares of the firm’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $79.12, for a total transaction of $1,186,800.00. Following the completion of the sale, the chief financial officer now owns 362,326 shares in the company, valued at $28,667,233.12. The disclosure for this sale can be found here. 0.38% of the stock is owned by corporate insiders.
PGR stock traded down $0.30 during trading on Friday, hitting $74.72. The company had a trading volume of 2,155,286 shares, compared to its average volume of 3,553,215. The firm has a market capitalization of $43.91 billion, a P/E ratio of 12.33, a PEG ratio of 2.05 and a beta of 0.52. Progressive Corp has a 52-week low of $62.18 and a 52-week high of $84.96. The company has a 50 day simple moving average of $77.81 and a 200-day simple moving average of $75.76. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.39.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $2.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.45 by $0.66. The company had revenue of $9.87 billion for the quarter, compared to the consensus estimate of $10.28 billion. Progressive had a net margin of 9.18% and a return on equity of 26.80%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.83 EPS. Sell-side analysts forecast that Progressive Corp will post 6.1 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, July 7th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.54%. The ex-dividend date is Monday, July 6th. Progressive’s payout ratio is 5.95%.
A number of equities research analysts recently issued reports on the stock. Morgan Stanley upped their price target on shares of Progressive from $88.00 to $94.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Deutsche Bank increased their target price on shares of Progressive from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, May 8th. MKM Partners reduced their target price on shares of Progressive from $100.00 to $90.00 in a research note on Wednesday, March 18th. Credit Suisse Group reissued a “buy” rating and issued a $79.00 target price on shares of Progressive in a research note on Thursday, April 2nd. Finally, B. Riley downgraded shares of Progressive from a “buy” rating to a “neutral” rating and reduced their target price for the company from $96.00 to $83.00 in a research note on Wednesday, March 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Progressive currently has an average rating of “Buy” and an average price target of $83.63.
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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