The Progressive Corporation $PGR Shares Sold by Knollwood Investment Advisory LLC

Knollwood Investment Advisory LLC lowered its position in shares of The Progressive Corporation (NYSE:PGR) by 74.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,198 shares of the insurance provider’s stock after selling 3,535 shares during the quarter. Knollwood Investment Advisory LLC’s holdings in Progressive were worth $262,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank of Nova Scotia acquired a new position in shares of Progressive during the second quarter worth about $76,260,000. Allstate Corp raised its holdings in shares of Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after buying an additional 22,915 shares during the period. Norges Bank purchased a new stake in shares of Progressive during the 4th quarter valued at about $1,836,094,000. Investment House LLC acquired a new position in Progressive during the 4th quarter worth approximately $8,447,000. Finally, Callan Family Office LLC acquired a new position in Progressive during the 2nd quarter worth approximately $3,025,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction dated Tuesday, July 28th. The stock was 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 in the company, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 113,714 shares of company stock worth $24,466,294. 0.32% of the stock is currently owned by insiders.

Progressive Price Performance

PGR stock opened at $223.90 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $249.83. The stock’s 50 day moving average is $217.67 and its two-hundred day moving average is $207.71. The company has a market capitalization of $130.17 billion, a PE ratio of 11.23, a P/E/G ratio of 2.95 and a beta of 0.27.

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

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be issued 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 is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Analysts Set New Price Targets

Several brokerages have issued reports on PGR. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research report on Friday, May 22nd. Jefferies Financial Group reissued a “hold” rating and set a $228.00 target price on shares of Progressive in a research report on Wednesday, August 19th. Cantor Fitzgerald decreased their target price on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. Roth Capital reaffirmed a “buy” rating and set a $245.00 price target on shares of Progressive in a report on Thursday, August 20th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $230.00 price target on shares of Progressive in a research note on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $236.26.

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.