Zevenbergen Capital Investments LLC Sells 585 Shares of The Progressive Corporation (NYSE:PGR)

Zevenbergen Capital Investments LLC cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 3.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,190 shares of the insurance provider’s stock after selling 585 shares during the period. Zevenbergen Capital Investments LLC’s holdings in Progressive were worth $5,148,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Highline Wealth Partners LLC lifted its holdings in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive in the fourth quarter valued at about $28,000. HWG Holdings LP bought a new stake in shares of Progressive in the first quarter valued at about $28,000. Finally, Garde Capital Inc. bought a new stake in shares of Progressive in the first quarter valued at about $33,000. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Karen Bailo sold 8,922 shares of the company’s stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the transaction, the insider owned 32,346 shares of the company’s stock, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the company’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares in the company, valued at $122,741,523.40. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,250 shares of company stock valued at $26,332,348 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $246.49 on Friday. The business’s 50 day moving average price is $256.79 and its two-hundred day moving average price is $266.26. The company has a market cap of $144.49 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a twelve month low of $217.91 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.48 earnings per share. On average, analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 15.0%. Progressive’s dividend payout ratio is presently 2.25%.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of research reports. UBS Group cut their price target on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a report on Monday, July 21st. Evercore ISI lowered Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price target on the stock. in a report on Thursday, July 17th. Wells Fargo & Company lifted their target price on Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Keefe, Bruyette & Woods lowered their target price on Progressive from $290.00 to $268.00 and set a “market perform” rating on the stock in a research report on Thursday, July 17th. Finally, Morgan Stanley lowered their target price on Progressive from $290.00 to $280.00 and set an “equal weight” rating on the stock in a research report on Monday, July 14th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average target price of $286.88.

Progressive 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.