Progressive Corp (NYSE:PGR) Shares Sold by Ferris Capital LLC

Ferris Capital LLC lowered its stake in Progressive Corp (NYSE:PGR) by 44.8% during the second quarter, Holdings Channel.com reports. The firm owned 23,402 shares of the insurance provider’s stock after selling 19,024 shares during the quarter. Ferris Capital LLC’s holdings in Progressive were worth $1,871,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Hendley & Co. Inc. purchased a new position in shares of Progressive in the 1st quarter valued at approximately $3,635,000. ZWJ Investment Counsel Inc. boosted its stake in shares of Progressive by 3.4% in the first quarter. ZWJ Investment Counsel Inc. now owns 381,525 shares of the insurance provider’s stock valued at $27,504,000 after buying an additional 12,642 shares in the last quarter. Zions Bancorporation N.A. purchased a new stake in shares of Progressive in the first quarter valued at approximately $125,000. Amundi Pioneer Asset Management Inc. boosted its stake in shares of Progressive by 106.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 5,112,626 shares of the insurance provider’s stock valued at $368,569,000 after buying an additional 2,631,367 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Progressive in the first quarter valued at approximately $26,000. 79.04% of the stock is currently owned by institutional investors.

NYSE PGR traded up $0.05 on Monday, hitting $81.75. 80,289 shares of the stock traded hands, compared to its average volume of 2,388,191. The company has a 50-day moving average price of $81.86. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $84.96. The stock has a market capitalization of $47.71 billion, a P/E ratio of 18.50, a P/E/G ratio of 2.08 and a beta of 0.69. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.41 and a quick ratio of 0.40.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.23. Progressive had a return on equity of 27.82% and a net margin of 9.19%. The firm had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.13 billion. During the same quarter in the prior year, the firm posted $1.19 earnings per share. Progressive’s revenue for the quarter was up 12.7% compared to the same quarter last year. Research analysts expect that Progressive Corp will post 5.36 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, July 5th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.49%. The ex-dividend date was Wednesday, July 3rd. Progressive’s payout ratio is currently 9.05%.

A number of research firms recently weighed in on PGR. ValuEngine downgraded Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. UBS Group set a €49.00 ($56.98) price target on Scout24 and gave the company a “neutral” rating in a research note on Monday. Wells Fargo & Co reaffirmed a “hold” rating and set a $81.00 price objective on shares of Progressive in a report on Wednesday, July 17th. B. Riley set a $18.00 price objective on TiVo and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Zacks Investment Research raised GALP ENERGIA SG/ADR from a “sell” rating to a “hold” rating in a report on Monday, May 27th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $82.92.

In other news, Director Dyke Kahina Van sold 1,715 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $78.49, for a total transaction of $134,610.35. Following the sale, the director now directly owns 2,464 shares in the company, valued at approximately $193,399.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John A. Barbagallo sold 2,433 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $76.99, for a total value of $187,316.67. Following the sale, the insider now owns 84,371 shares in the company, valued at $6,495,723.29. The disclosure for this sale can be found here. Insiders have sold 61,148 shares of company stock worth $4,831,722 in the last 90 days. 0.39% of the stock is currently owned by insiders.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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