The Progressive Corporation $PGR Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC lessened its stake in The Progressive Corporation (NYSE:PGR) by 3.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 557,408 shares of the insurance provider’s stock after selling 22,851 shares during the quarter. Progressive comprises 1.9% of Confluence Investment Management LLC’s holdings, making the stock its 12th biggest position. Confluence Investment Management LLC’s holdings in Progressive were worth $121,766,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Sapient Capital LLC boosted its holdings in shares of Progressive by 17.0% in the first quarter. Sapient Capital LLC now owns 3,453 shares of the insurance provider’s stock valued at $685,000 after acquiring an additional 501 shares in the last quarter. Western Wealth Management LLC lifted its position in Progressive by 17.0% in the first quarter. Western Wealth Management LLC now owns 7,590 shares of the insurance provider’s stock worth $1,505,000 after purchasing an additional 1,104 shares during the period. First National Bank of Mount Dora Trust Investment Services lifted its position in Progressive by 42.0% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 36,751 shares of the insurance provider’s stock worth $7,286,000 after purchasing an additional 10,879 shares during the period. Wealthquest Corp bought a new position in Progressive during the 1st quarter valued at $201,000. Finally, Parallel Advisors LLC increased its position in shares of Progressive by 10.1% during the 1st quarter. Parallel Advisors LLC now owns 9,698 shares of the insurance provider’s stock valued at $1,923,000 after purchasing an additional 891 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $210.19 on Tuesday. The company’s fifty day moving average is $211.55 and its two-hundred day moving average is $206.01. The company has a market cap of $122.82 billion, a P/E ratio of 10.54, a price-to-earnings-growth ratio of 2.86 and a beta of 0.27. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s payout ratio is 2.01%.

Insider Buying and Selling

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Andrew J. Quigg sold 3,499 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the transaction, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. This represents a 7.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 74,885 shares of company stock worth $15,880,459 over the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research reports. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. BMO Capital Markets lowered their target price on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Mizuho boosted their price target on shares of Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Finally, Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $236.11.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.