The Progressive Corporation $PGR is Rowlandmiller & PARTNERS.ADV’s 2nd Largest Position

Rowlandmiller & PARTNERS.ADV reduced its position in The Progressive Corporation (NYSE:PGR) by 5.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 106,362 shares of the insurance provider’s stock after selling 6,053 shares during the quarter. Progressive accounts for approximately 5.2% of Rowlandmiller & PARTNERS.ADV’s holdings, making the stock its 2nd biggest holding. Rowlandmiller & PARTNERS.ADV’s holdings in Progressive were worth $26,266,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Progressive by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock worth $14,548,217,000 after acquiring an additional 493,332 shares during the last quarter. Geode Capital Management LLC grew its position in Progressive by 2.0% in the 2nd quarter. Geode Capital Management LLC now owns 15,513,188 shares of the insurance provider’s stock valued at $4,128,055,000 after acquiring an additional 301,371 shares during the last quarter. Alliancebernstein L.P. increased its stake in Progressive by 32.8% in the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after purchasing an additional 2,709,417 shares during the period. Norges Bank purchased a new stake in Progressive in the second quarter worth $2,156,939,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Progressive by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after purchasing an additional 396,567 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 1.8%

Shares of NYSE PGR opened at $234.61 on Monday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $137.58 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 1.05 and a beta of 0.36. The stock’s fifty day simple moving average is $224.07 and its two-hundred day simple moving average is $242.48. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the previous year, the firm posted $3.58 earnings per share. As a group, analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.19%.

Analyst Ratings Changes

PGR has been the topic of several recent analyst reports. Citigroup reduced their price target on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research note on Thursday, October 16th. BMO Capital Markets set a $256.00 target price on shares of Progressive in a research report on Tuesday, December 9th. Bank of America lowered their price target on Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a report on Tuesday, December 9th. Zacks Research downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Finally, Wolfe Research assumed coverage on Progressive in a research report on Monday, September 15th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average price target of $266.40.

Insider Activity at Progressive

In other news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the sale, the insider directly owned 27,698 shares of the company’s stock, valued at $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 17,673 shares of company stock valued at $4,163,005. Company 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.