JLB & Associates Inc. Has $21.93 Million Position in The Progressive Corporation $PGR

JLB & Associates Inc. lowered its stake in The Progressive Corporation (NYSE:PGR) by 5.2% during the second quarter, Holdings Channel reports. The institutional investor owned 82,162 shares of the insurance provider’s stock after selling 4,482 shares during the period. Progressive comprises approximately 3.1% of JLB & Associates Inc.’s investment portfolio, making the stock its 10th biggest position. JLB & Associates Inc.’s holdings in Progressive were worth $21,926,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Presper Financial Architects LLC bought a new stake in shares of Progressive during the second quarter worth approximately $319,000. LexAurum Advisors LLC acquired a new stake in Progressive during the 2nd quarter worth approximately $463,000. Janney Montgomery Scott LLC boosted its stake in Progressive by 8.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 100,899 shares of the insurance provider’s stock valued at $26,926,000 after purchasing an additional 7,436 shares during the period. Venture Visionary Partners LLC boosted its stake in Progressive by 115.1% in the 2nd quarter. Venture Visionary Partners LLC now owns 16,551 shares of the insurance provider’s stock valued at $4,417,000 after purchasing an additional 8,858 shares during the period. Finally, Baron Silver Stevens Financial Advisors LLC acquired a new position in Progressive in the 2nd quarter valued at $306,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Morgan Stanley dropped their target price on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a report on Monday, September 22nd. Barclays cut their price objective on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating for the company in a report on Tuesday, August 19th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Jefferies Financial Group cut their price target on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Finally, Evercore ISI lowered Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective on the stock. in a research note on Thursday, July 17th. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $279.75.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares in the company, valued at $117,194,933.16. This represents a 6.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on 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 directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock worth $31,997,390 in the last ninety days. Insiders own 0.33% of the company’s stock.

Progressive Trading Up 0.2%

Shares of PGR stock opened at $244.07 on Tuesday. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The stock’s fifty day moving average price is $245.32 and its two-hundred day moving average price is $261.63. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market cap of $143.08 billion, a PE ratio of 13.75, a P/E/G ratio of 1.36 and a beta of 0.32.

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

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid 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%.

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.