Genus Capital Management Inc. Has $5.65 Million Stock Holdings in The Progressive Corporation $PGR

Genus Capital Management Inc. cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 50.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,172 shares of the insurance provider’s stock after selling 21,220 shares during the period. Genus Capital Management Inc.’s holdings in Progressive were worth $5,650,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. TruNorth Capital Management LLC raised its position 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 stake in shares of Progressive during the first quarter worth $35,000. Activest Wealth Management raised its position in shares of Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 127 shares during the period. Westside Investment Management Inc. raised its position in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. Finally, Accent Capital Management LLC acquired a new stake in shares of Progressive during the first quarter worth $39,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PGR shares. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Citigroup dropped 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. Barclays dropped their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research report on Monday, October 20th. Keefe, Bruyette & Woods dropped their price target on Progressive from $270.00 to $262.00 and set a “market perform” rating on the stock in a research report on Thursday, October 16th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research report on Monday. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $268.90.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $556,230.04. Following the completion of the sale, the insider owned 45,724 shares in the company, valued at approximately $11,466,664.72. This represents a 4.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 58,500 shares of company stock valued at $14,430,089. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of NYSE PGR opened at $209.34 on Wednesday. The business’s 50-day moving average price is $235.57 and its two-hundred day moving average price is $253.03. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99. The company has a market capitalization of $122.72 billion, a P/E ratio of 11.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.32.

Progressive (NYSE:PGR) last issued 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). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter last year, the firm earned $3.58 EPS. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

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.