1832 Asset Management L.P. Sells 433,982 Shares of The Progressive Co. (NYSE:PGR)

1832 Asset Management L.P. decreased its holdings in The Progressive Co. (NYSE:PGR) by 25.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,251,886 shares of the insurance provider’s stock after selling 433,982 shares during the period. 1832 Asset Management L.P. owned about 0.21% of Progressive worth $260,029,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. WR Wealth Planners LLC increased its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive in the 1st quarter worth $32,000. Northwest Bank & Trust Co bought a new stake in shares of Progressive in the 4th quarter worth $25,000. Hilltop National Bank increased its holdings in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC bought a new stake in shares of Progressive in the 1st quarter worth $35,000. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $259.24 on Friday. The stock’s 50-day simple moving average is $234.16 and its 200-day simple moving average is $217.25. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46. The company has a market capitalization of $151.84 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 0.74 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The business’s revenue was up 21.6% on a year-over-year basis. As a group, analysts expect that The Progressive Co. will post 12.7 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s payout ratio is 4.09%.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now directly owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now directly owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 146,704 shares of company stock valued at $33,367,408. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PGR. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research note on Monday, August 12th. BMO Capital Markets dropped their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Wells Fargo & Company raised their price target on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Roth Mkm raised their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.