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

Quantitative Investment Management LLC reduced its position in The Progressive Corporation (NYSE:PGR) by 68.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,135 shares of the insurance provider’s stock after selling 13,078 shares during the period. Quantitative Investment Management LLC’s holdings in Progressive were worth $1,340,000 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. BlackRock Inc. purchased a new stake in shares of Progressive in the second quarter valued at approximately $10,496,271,000. State Street Corp boosted its holdings in Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after buying an additional 78,374 shares during the last quarter. Capital International Investors increased its position in shares of Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. Bank of America Corp DE purchased a new position in Progressive in the 2nd quarter valued at $2,682,342,000. Finally, GQG Partners LLC lifted its stake in shares of Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after buying an additional 1,092,151 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PGR shares. HSBC boosted their price objective on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Jefferies Financial Group restated a “hold” rating and set a $228.00 price target on shares of Progressive in a research note on Wednesday, August 19th. Royal Bank Of Canada set a $208.00 price target on Progressive in a research report on Friday, May 22nd. Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research note on Wednesday, August 19th. Seven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average target price of $236.26.

Progressive Trading Down 0.1%

NYSE:PGR opened at $218.37 on Tuesday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.83. The firm has a market cap of $126.95 billion, a PE ratio of 10.95, a price-to-earnings-growth ratio of 2.91 and a beta of 0.27. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a fifty day moving average price of $217.41 and a 200 day moving average price of $207.38.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.40 EPS. Sell-side analysts anticipate that The Progressive Corporation will post 17.74 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the sale, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction 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 sale, the chief financial officer owned 42,595 shares in the company, valued at $9,370,900. The trade was a 7.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 83,449 shares of company stock valued at $17,685,203 over the last quarter. Insiders own 0.32% of the company’s stock.

Progressive 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.