The Progressive Corporation $PGR Shares Sold by TIAA Trust National Association

TIAA Trust National Association trimmed its position in The Progressive Corporation (NYSE:PGR) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,237 shares of the insurance provider’s stock after selling 445 shares during the period. TIAA Trust National Association’s holdings in Progressive were worth $1,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares during the period. Ransom Advisory Ltd acquired a new position in Progressive in the 1st quarter worth approximately $35,000. Activest Wealth Management increased its holdings in Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the period. Richardson Financial Services Inc. increased its holdings in Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after buying an additional 132 shares during the period. Finally, Accent Capital Management LLC acquired a new stake in Progressive during the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $556,230.04. Following the completion of the transaction, the insider directly owned 45,724 shares in the company, valued at approximately $11,466,664.72. This represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 58,500 shares of company stock worth $14,430,089. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Down 1.1%

Shares of Progressive stock opened at $203.74 on Tuesday. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The company has a market cap of $119.43 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 1.19 and a beta of 0.32. The firm has a 50-day simple moving average of $236.30 and a two-hundred day simple moving average of $253.42.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter last year, the business earned $3.58 earnings per share. As a group, equities analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s dividend payout ratio is presently 2.19%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Citigroup cut their price target on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Raymond James Financial cut their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a report on Monday. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Progressive in a report on Friday. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $268.90.

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.