The Progressive Corporation (NYSE:PGR) Shares Sold by Cable Hill Partners LLC

Cable Hill Partners LLC decreased its holdings in The Progressive Corporation (NYSE:PGR) by 15.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,511 shares of the insurance provider’s stock after selling 275 shares during the quarter. Cable Hill Partners LLC’s holdings in Progressive were worth $426,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Highline Wealth Partners LLC grew its holdings in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC boosted its stake in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the 4th quarter valued at $28,000. HWG Holdings LP acquired a new stake in shares of Progressive during the 1st quarter valued at $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive during the 1st quarter valued at $33,000. 85.34% of the stock is owned by institutional investors.

Insider Transactions at Progressive

In other news, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director directly owned 12,429 shares of the company’s stock, valued at $3,451,160.43. This represents a 16.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the transaction, the insider directly owned 27,621 shares of the company’s stock, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,705 shares of company stock worth $11,450,948. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PGR shares. BMO Capital Markets increased their target price on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, April 17th. Bank of America raised shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price on the stock in a research report on Monday, April 28th. UBS Group lowered their target price on shares of Progressive from $291.00 to $280.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 9th. Wells Fargo & Company raised 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, Jefferies Financial Group lowered their price target on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $284.82.

Progressive Stock Performance

Shares of Progressive stock opened at $241.92 on Wednesday. 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 stock has a market cap of $141.82 billion, a price-to-earnings ratio of 16.31, a P/E/G ratio of 1.56 and a beta of 0.37. The company’s fifty day moving average is $269.97 and its 200 day moving average is $265.77. The Progressive Corporation has a twelve month low of $208.13 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The company had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

About Progressive

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.