Trail Ridge Investment Advisors LLC Decreases Stake in The Progressive Corporation (NYSE:PGR)

Trail Ridge Investment Advisors LLC reduced its holdings in shares of The Progressive Corporation (NYSE:PGR) by 3.5% during the first quarter, HoldingsChannel.com reports. The fund owned 2,861 shares of the insurance provider’s stock after selling 103 shares during the quarter. Trail Ridge Investment Advisors LLC’s holdings in Progressive were worth $810,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Progressive in the 4th quarter worth about $1,843,045,000. GAMMA Investing LLC increased its holdings in Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock worth $862,059,000 after buying an additional 3,038,303 shares during the last quarter. GQG Partners LLC boosted its stake in Progressive by 67.6% in the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock valued at $1,239,143,000 after acquiring an additional 2,085,833 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider’s stock worth $1,433,722,000 after buying an additional 915,643 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the transaction, the director owned 12,217 shares in the company, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the transaction, the insider owned 41,289 shares in the company, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,705 shares of company stock valued at $11,450,948. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Morgan Stanley cut Progressive from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $330.00 to $290.00 in a research report on Monday, July 7th. Wall Street Zen upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Saturday, June 21st. BMO Capital Markets lifted their price target on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Wells Fargo & Company lifted their price target on Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Finally, JPMorgan Chase & Co. lifted their price target on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research report on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $285.41.

Progressive Trading Down 1.8%

Shares of PGR stock opened at $244.77 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $271.50 and a two-hundred day moving average price of $265.89. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99. The firm has a market cap of $143.49 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 1.54 and a beta of 0.37.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive’s dividend payout ratio is currently 2.70%.

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.