Trust Asset Management LLC Acquires 63 Shares of The Progressive Corporation (NYSE:PGR)

Trust Asset Management LLC boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,735 shares of the insurance provider’s stock after purchasing an additional 63 shares during the quarter. Trust Asset Management LLC’s holdings in Progressive were worth $1,906,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its holdings in Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock valued at $19,426,000 after acquiring an additional 1,800 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider’s stock valued at $35,893,000 after acquiring an additional 33,864 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its holdings in Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider’s stock valued at $1,431,000 after acquiring an additional 4,212 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Progressive in the 1st quarter worth approximately $3,141,000. Finally, TCW Group Inc. raised its holdings in shares of Progressive by 4.5% in the 1st quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider’s stock worth $3,406,000 after buying an additional 523 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 0.5%

PGR stock opened at $246.49 on Monday. The business has a fifty day moving average price of $256.79 and a 200 day moving average price of $266.45. The stock has a market capitalization of $144.49 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 1.45 and a beta of 0.33. The Progressive Corporation has a fifty-two week low of $217.91 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the firm earned $2.48 EPS. Analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were paid a $0.10 dividend. This represents a dividend yield of 15.0%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive’s dividend payout ratio (DPR) is 2.25%.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the sale, the chief executive officer directly owned 506,945 shares of the company’s stock, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares of the company’s stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 104,250 shares of company stock worth $26,332,348. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PGR shares. Morgan Stanley dropped their target price on Progressive from $290.00 to $280.00 and set an “equal weight” rating for the company in a report on Monday, July 14th. BMO Capital Markets dropped their target price on Progressive from $288.00 to $281.00 and set an “outperform” rating for the company in a report on Friday, July 18th. Keefe, Bruyette & Woods dropped their target price on Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a report on Thursday, July 17th. Wells Fargo & Company increased their target price on Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Finally, UBS Group dropped their target price on Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a report on Monday, July 21st. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $286.88.

Progressive 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.