The Progressive Corporation $PGR Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 16.9% during the second quarter, HoldingsChannel.com reports. The firm owned 38,391 shares of the insurance provider’s stock after selling 7,823 shares during the period. NewEdge Advisors LLC’s holdings in Progressive were worth $8,387,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in PGR. Bank of Nova Scotia acquired a new position in Progressive during the second quarter valued at approximately $76,260,000. Allstate Corp raised its stake in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after acquiring an additional 22,915 shares during the period. Norges Bank purchased a new stake in Progressive during the 4th quarter worth $1,836,094,000. Investment House LLC acquired a new stake in Progressive in the 4th quarter valued at $8,447,000. Finally, Callan Family Office LLC purchased a new position in Progressive in the second quarter valued at about $3,025,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction that occurred 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 sale, the insider owned 31,257 shares in the company, valued at $6,857,785.80. This represents a 3.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. This represents a 20.72% 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 sold 113,714 shares of company stock valued at $24,466,294 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Progressive Stock Up 0.6%

Shares of NYSE:PGR opened at $217.46 on Friday. 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 company has a fifty day simple moving average of $216.68 and a 200 day simple moving average of $208.21. The firm has a market cap of $126.42 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 2.90 and a beta of 0.27. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.71.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period last year, the business earned $5.40 EPS. On average, equities research analysts anticipate that The Progressive Corporation will post 17.76 EPS for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent research reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $230.00 target price on shares of Progressive in a research note on Wednesday, August 19th. Evercore set a $240.00 target price on shares of Progressive in a research report on Friday, July 10th. JPMorgan Chase & Co. lowered their price target on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a report on Tuesday, August 4th. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a report on Friday, May 22nd. Finally, Cantor Fitzgerald lowered their target price on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Progressive has an average rating of “Hold” and a consensus price target of $236.26.

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.