Sepio Capital LP Sells 2,354 Shares of The Progressive Co. (NYSE:PGR)

Sepio Capital LP reduced its holdings in The Progressive Co. (NYSE:PGR) by 11.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,484 shares of the insurance provider’s stock after selling 2,354 shares during the quarter. Sepio Capital LP’s holdings in Progressive were worth $3,632,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Northwest Bank & Trust Co acquired a new position in shares of Progressive during the 4th quarter valued at $25,000. WR Wealth Planners LLC increased its position in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new position in Progressive during the 1st quarter worth approximately $32,000. Hilltop National Bank boosted its holdings in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC acquired a new stake in Progressive in the first quarter valued at approximately $35,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 0.5 %

Progressive stock opened at $251.07 on Friday. The firm has a 50 day moving average price of $237.81 and a 200-day moving average price of $219.13. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a market capitalization of $147.05 billion, a P/E ratio of 25.70, a P/E/G ratio of 0.72 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $17.54 billion. During the same period last year, the business posted $0.57 earnings per share. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, equities analysts predict that The Progressive Co. will post 12.9 EPS for the current year.

Progressive Dividend Announcement

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 dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is presently 4.09%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Jefferies Financial Group raised their price target on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Finally, Citigroup lowered their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Six investment 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $257.18.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 2,982 shares of the company’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 transaction of $775,320.00. Following the sale, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Progressive 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 transaction, the director now owns 974 shares of the company’s stock, valued at approximately $213,383.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares in the company, valued at $7,626,840. The disclosure for this sale can be found here. Insiders sold 144,332 shares of company stock worth $33,362,904 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

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.