True North Advisors LLC Has $270,000 Stake in The Progressive Corporation $PGR

True North Advisors LLC trimmed its position in The Progressive Corporation (NYSE:PGR) by 4.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,013 shares of the insurance provider’s stock after selling 42 shares during the quarter. True North Advisors LLC’s holdings in Progressive were worth $270,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. Highline Wealth Partners LLC grew its position in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC raised its holdings in shares of Progressive by 210.0% during the first 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 during the period. HWG Holdings LP acquired a new position in shares of Progressive during the first quarter valued at about $28,000. Garde Capital Inc. acquired a new position in shares of Progressive during the first quarter valued at about $33,000. Finally, Ransom Advisory Ltd acquired a new position in shares of Progressive during the first quarter valued at about $35,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PGR. Wolfe Research began coverage on shares of Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Bank of America cut their price objective on shares of Progressive from $347.00 to $343.00 and set a “buy” rating for the company in a report on Thursday, September 18th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $265.00 price objective (down from $327.00) on shares of Progressive in a report on Thursday, September 18th. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a report on Thursday, September 18th. Finally, Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $279.31.

Progressive Stock Performance

Progressive stock opened at $243.46 on Friday. The stock has a market cap of $142.72 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.35 and a beta of 0.32. The firm’s fifty day moving average price is $245.34 and its 200-day moving average price is $262.14. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 EPS. On average, equities research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.25%.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at approximately $8,061,917.04. The trade was a 21.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 140,045 shares of company stock worth $34,635,290 over the last 90 days. Insiders own 0.34% of the company’s stock.

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.