Diversified Enterprises LLC Cuts Stock Position in The Progressive Corporation $PGR

Diversified Enterprises LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 10.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,208 shares of the insurance provider’s stock after selling 266 shares during the period. Diversified Enterprises LLC’s holdings in Progressive were worth $589,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PGR. Integrated Advisors Network LLC raised its holdings in shares of Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after purchasing an additional 36 shares in the last quarter. Rise Advisors LLC grew its holdings in shares of Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 36 shares during the period. Pines Wealth Management LLC boosted its stake in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 37 shares during the period. Contravisory Investment Management Inc. boosted its holdings in shares of Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after buying an additional 38 shares in the last quarter. Finally, Beacon Financial Group raised its position in Progressive by 1.1% during the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after buying an additional 39 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 0.5%

Shares of Progressive stock opened at $243.46 on Friday. The business has a 50-day moving average price of $245.34 and a 200-day moving average price of $262.03. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The firm has a market cap of $142.72 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.36 and a beta of 0.32.

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

Progressive Dividend Announcement

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

Analysts Set New Price Targets

PGR has been the topic of several analyst reports. Barclays decreased their price target on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 19th. Evercore ISI lowered shares of Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective for the company. in a research note on Thursday, July 17th. Keefe, Bruyette & Woods raised their target price on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research report on Thursday, September 18th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, Citigroup reiterated a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average price target of $279.31.

Insider Transactions at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the transaction, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,045 shares of company stock valued at $34,635,290. 0.34% of the stock is owned by company insiders.

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.