GTS Securities LLC Has $237,000 Position in The Progressive Corporation $PGR

GTS Securities LLC cut its stake in The Progressive Corporation (NYSE:PGR) by 81.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,087 shares of the insurance provider’s stock after selling 4,853 shares during the quarter. GTS Securities LLC’s holdings in Progressive were worth $237,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PGR. BlackRock Inc. bought a new stake in shares of Progressive in the 2nd quarter valued at $10,496,271,000. Bank of America Corp DE bought a new position in Progressive during the second quarter worth about $2,682,342,000. Norges Bank bought a new position in Progressive during the fourth quarter worth about $1,836,094,000. GQG Partners LLC acquired a new position in Progressive in the second quarter valued at about $1,538,570,000. Finally, Deutsche Bank AG acquired a new position in Progressive in the second quarter valued at about $1,098,838,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PGR shares. Keefe, Bruyette & Woods raised Progressive from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $226.00 to $250.00 in a research report on Thursday, August 20th. Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th. Wells Fargo & Company increased their target price on Progressive from $198.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday, August 20th. HSBC lifted their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $236.26.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $219.40, for a total transaction of $268,765.00. Following the transaction, the insider owned 31,257 shares in the company, valued at $6,857,785.80. This trade represents a 3.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their ownership of the stock. 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 a total of 83,449 shares of company stock valued at $17,685,203 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Progressive Price Performance

NYSE:PGR opened at $218.37 on Tuesday. The stock’s 50 day moving average price is $217.41 and its two-hundred day moving average price is $207.38. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.83. The firm has a market capitalization of $126.95 billion, a price-to-earnings ratio of 10.95, a P/E/G ratio of 2.91 and a beta of 0.27. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business posted $5.40 earnings per share. On average, analysts anticipate that The Progressive Corporation will post 17.74 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

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.