Xponance Inc. Sells 6,232 Shares of The Progressive Co. (NYSE:PGR)

Xponance Inc. trimmed its stake in The Progressive Co. (NYSE:PGR) by 4.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 126,420 shares of the insurance provider’s stock after selling 6,232 shares during the quarter. Xponance Inc.’s holdings in Progressive were worth $26,259,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. grew its position in Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after purchasing an additional 48 shares during the period. Farmers & Merchants Investments Inc. grew its holdings in shares of Progressive by 10.4% during the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after buying an additional 48 shares during the last quarter. Graypoint LLC grew its holdings in shares of Progressive by 1.2% during the second quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after buying an additional 49 shares during the last quarter. City State Bank increased its position in shares of Progressive by 8.2% during the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after acquiring an additional 50 shares in the last quarter. Finally, GYL Financial Synergies LLC raised its holdings in shares of Progressive by 4.0% in the 2nd quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 50 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PGR shares. Morgan Stanley lifted their price target on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Bank of America lifted their target price on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Barclays assumed coverage on Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target for the company. Wells Fargo & Company upped their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group lifted their target price on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $257.18.

Progressive Price Performance

Progressive stock opened at $259.24 on Monday. The firm has a market capitalization of $151.84 billion, a P/E ratio of 26.53, a PEG ratio of 0.74 and a beta of 0.35. The Progressive Co. has a one year low of $137.59 and a one year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The business has a fifty day moving average price of $234.16 and a 200-day moving average price of $217.40.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, equities research analysts forecast that The Progressive Co. will post 12.7 EPS for the current year.

Progressive Dividend Announcement

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

Insider Buying and Selling

In other news, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now owns 974 shares in the company, valued at approximately $213,383.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the sale, the director now owns 974 shares in the company, valued at approximately $213,383.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 143,654 shares of company stock worth $32,727,488. Corporate insiders own 0.34% of the company’s stock.

Progressive Profile

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.