The Progressive Corporation $PGR Position Cut by Zevenbergen Capital Investments LLC

Zevenbergen Capital Investments LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 1.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,900 shares of the insurance provider’s stock after selling 290 shares during the quarter. Zevenbergen Capital Investments LLC’s holdings in Progressive were worth $4,777,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive during the 4th quarter valued at $269,000. Highview Capital Management LLC DE lifted its position in shares of Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock valued at $2,645,000 after acquiring an additional 339 shares during the last quarter. Bison Wealth LLC lifted its position in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after acquiring an additional 80 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Progressive by 19.1% during the 4th quarter. ProShare Advisors LLC now owns 135,368 shares of the insurance provider’s stock valued at $32,436,000 after acquiring an additional 21,713 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $337,299.10. Following the sale, the insider directly owned 31,733 shares in the company, valued at approximately $7,958,001.74. This trade represents a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 139,010 shares of company stock valued at $34,547,699 over the last quarter. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $248.29 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The business has a fifty day simple moving average of $246.44 and a 200 day simple moving average of $264.68. The firm has a market cap of $145.55 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 1.44 and a beta of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same period last year, the company earned $2.48 earnings per share. Progressive’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.25%.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent research reports. Wall Street Zen upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company cut their price objective on Progressive from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Thursday, August 21st. Jefferies Financial Group cut their price objective on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research report on Wednesday, August 13th. Finally, Barclays reduced their target price on Progressive from $287.00 to $281.00 and set an “equal weight” rating for the company in a report on Tuesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $284.82.

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.