The Progressive Corporation $PGR Shares Sold by C WorldWide Group Holding A S

C WorldWide Group Holding A S trimmed its position in The Progressive Corporation (NYSE:PGR) by 19.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 552,443 shares of the insurance provider’s stock after selling 135,326 shares during the period. Progressive comprises about 3.0% of C WorldWide Group Holding A S’s portfolio, making the stock its 13th largest holding. C WorldWide Group Holding A S owned approximately 0.10% of Progressive worth $120,681,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PGR. Meeder Asset Management Inc. purchased a new stake in Progressive in the second quarter valued at approximately $26,000. Bard Associates Inc. acquired a new position in Progressive during the 4th quarter worth $27,000. IMG Wealth Management Inc. purchased a new stake in Progressive during the 2nd quarter worth about $26,000. Bogart Wealth LLC raised its position in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares in the last quarter. Finally, Kilter Group LLC acquired a new position in shares of Progressive during the second quarter worth about $27,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PGR. The Goldman Sachs Group reissued a “buy” rating and issued a $230.00 price objective on shares of Progressive in a research report on Wednesday, August 19th. Wells Fargo & Company raised their price target on Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a research note on Thursday, August 20th. William Blair reiterated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Jefferies Financial Group restated a “hold” rating and set a $228.00 target price on shares of Progressive in a research note on Wednesday, August 19th. Finally, Mizuho set a $236.00 price objective on shares of Progressive in a research report on Wednesday, August 5th. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $236.26.

Progressive Stock Performance

Shares of Progressive stock opened at $214.67 on Wednesday. The firm’s fifty day simple moving average is $217.48 and its 200-day simple moving average is $207.97. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $249.71. The stock has a market capitalization of $124.80 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 2.92 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

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

Progressive Announces Dividend

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 paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.

Insider Activity at Progressive

In other news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the completion of the sale, the chief executive officer owned 485,438 shares in the company, valued at $106,553,641. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following 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. 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 sold 113,714 shares of company stock worth $24,466,294 in the last ninety days. Company insiders own 0.32% of the company’s stock.

About Progressive

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.