Impact Capital Partners LLC Sells 159 Shares of The Progressive Corporation $PGR

Impact Capital Partners LLC lessened its stake in shares of The Progressive Corporation (NYSE:PGR) by 4.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,522 shares of the insurance provider’s stock after selling 159 shares during the period. Impact Capital Partners LLC’s holdings in Progressive were worth $940,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC increased its position in Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after buying an additional 36 shares in the last quarter. Rise Advisors LLC increased its position in Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after buying an additional 36 shares in the last quarter. Pines Wealth Management LLC increased its position in Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after buying an additional 37 shares in the last quarter. Contravisory Investment Management Inc. increased its position in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after buying an additional 38 shares in the last quarter. Finally, Beacon Financial Group increased its position in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after buying an additional 39 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PGR. Evercore ISI lowered Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 target price for the company. in a research report on Thursday, July 17th. Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. BMO Capital Markets set a $252.00 target price on Progressive in a research report on Thursday, September 18th. Wells Fargo & Company reissued an “equal weight” rating and set a $265.00 price objective (down from $327.00) on shares of Progressive in a report on Thursday, September 18th. Finally, Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They set a “peer perform” rating for the company. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $279.75.

Progressive Trading Up 1.1%

NYSE:PGR opened at $247.02 on Wednesday. The company has a market cap of $144.81 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.36 and a beta of 0.32. The stock’s fifty day moving average price is $245.32 and its two-hundred day moving average price is $261.53. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

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

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.25%.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares of the company’s stock, valued at $122,741,523.40. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.33% of the company’s stock.

About Progressive

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.