Annandale Capital LLC Cuts Position in The Progressive Co. (NYSE:PGR)

Annandale Capital LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 0.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,125 shares of the insurance provider’s stock after selling 46 shares during the period. Progressive comprises 1.0% of Annandale Capital LLC’s portfolio, making the stock its 21st largest holding. Annandale Capital LLC’s holdings in Progressive were worth $6,050,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Ascent Group LLC boosted its stake in shares of Progressive by 9.9% during the 2nd quarter. Ascent Group LLC now owns 36,937 shares of the insurance provider’s stock worth $7,672,000 after acquiring an additional 3,313 shares in the last quarter. SkyView Investment Advisors LLC boosted its position in Progressive by 11.1% during the second quarter. SkyView Investment Advisors LLC now owns 7,883 shares of the insurance provider’s stock worth $1,637,000 after purchasing an additional 787 shares in the last quarter. Kathmere Capital Management LLC acquired a new stake in Progressive in the second quarter valued at $399,000. Dorsey Wright & Associates purchased a new position in shares of Progressive in the second quarter valued at $1,466,000. Finally, Legal & General Group Plc raised its stake in shares of Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after buying an additional 92,212 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.5 %

NYSE PGR opened at $251.10 on Friday. The company’s fifty day simple moving average is $237.81 and its 200-day simple moving average is $219.27. The stock has a market cap of $147.06 billion, a P/E ratio of 25.70, a PEG ratio of 0.72 and a beta of 0.35. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share 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 company had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the firm earned $0.57 earnings per share. The company’s revenue was up 21.6% on a year-over-year basis. Equities research analysts predict that The Progressive Co. will post 12.9 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Insider Activity

In related news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares in the company, valued at $7,626,840. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Progressive news, Director Philip Bleser sold 2,129 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now owns 974 shares of the company’s stock, valued at approximately $213,383.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. The disclosure for this sale can be found here. In the last three months, insiders sold 144,332 shares of company stock worth $33,362,904. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PGR shares. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Barclays assumed coverage on shares of Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective for the company. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research report on Monday, August 12th. Finally, Bank of America upped their price objective on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $257.18.

Progressive Company 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.