Meadow Creek Investment Management LLC Decreases Stock Holdings in Progressive Corp (NYSE:PGR)

Meadow Creek Investment Management LLC trimmed its holdings in Progressive Corp (NYSE:PGR) by 46.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,096 shares of the insurance provider’s stock after selling 44,704 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Progressive were worth $4,164,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Weatherly Asset Management L. P. increased its position in Progressive by 3.1% during the second quarter. Weatherly Asset Management L. P. now owns 4,361 shares of the insurance provider’s stock worth $349,000 after purchasing an additional 131 shares during the last quarter. Archford Capital Strategies LLC increased its holdings in shares of Progressive by 49.5% during the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after buying an additional 135 shares during the last quarter. Cornerstone Advisors Inc. increased its holdings in shares of Progressive by 5.4% during the 2nd quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock worth $219,000 after buying an additional 141 shares during the last quarter. TRUE Private Wealth Advisors raised its position in shares of Progressive by 3.5% during the 2nd quarter. TRUE Private Wealth Advisors now owns 4,254 shares of the insurance provider’s stock valued at $340,000 after buying an additional 144 shares during the period. Finally, Global Retirement Partners LLC raised its position in shares of Progressive by 23.9% during the 1st quarter. Global Retirement Partners LLC now owns 841 shares of the insurance provider’s stock valued at $61,000 after buying an additional 162 shares during the period. Institutional investors and hedge funds own 79.87% of the company’s stock.

Progressive stock traded up $0.28 during trading on Wednesday, hitting $76.41. The company had a trading volume of 613,331 shares, compared to its average volume of 2,329,294. The stock has a market cap of $44.87 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 1.93 and a beta of 0.68. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.34. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $84.96. The company’s 50 day simple moving average is $78.10 and its 200-day simple moving average is $77.27.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.23. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The business had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.13 billion. During the same period in the previous year, the firm posted $1.19 earnings per share. The company’s revenue was up 12.7% on a year-over-year basis. As a group, analysts forecast that Progressive Corp will post 5.42 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, October 7th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, October 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.52%. Progressive’s dividend payout ratio is presently 9.05%.

PGR has been the subject of several analyst reports. UBS Group increased their price objective on Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Janney Montgomery Scott began coverage on Progressive in a research report on Thursday, June 20th. They issued a “neutral” rating and a $59.00 target price on the stock. Wells Fargo & Co reaffirmed a “hold” rating and issued a $81.00 price target on shares of Progressive in a research note on Thursday, August 15th. B. Riley increased their price target on Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Barclays raised their price objective on Progressive from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $82.92.

In other Progressive news, insider John Jo Murphy sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $81.11, for a total value of $973,320.00. Following the completion of the transaction, the insider now owns 24,867 shares in the company, valued at $2,016,962.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 3,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $81.49, for a total value of $244,470.00. Following the sale, the insider now directly owns 15,701 shares in the company, valued at approximately $1,279,474.49. The disclosure for this sale can be found here. Insiders have sold 61,500 shares of company stock worth $4,848,885 in the last three months. Corporate insiders own 0.39% of the company’s stock.

Progressive Company 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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