Parsons Capital Management Inc. RI Sells 1,275 Shares of The Progressive Corporation $PGR

Parsons Capital Management Inc. RI trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR) by 4.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 26,014 shares of the insurance provider’s stock after selling 1,275 shares during the period. Parsons Capital Management Inc. RI’s holdings in Progressive were worth $6,942,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Highline Wealth Partners LLC grew its position in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its position in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after buying an additional 63 shares in the last quarter. HWG Holdings LP purchased a new position in Progressive during the first quarter worth about $28,000. Garde Capital Inc. purchased a new position in Progressive during the first quarter worth about $33,000. Finally, Ransom Advisory Ltd purchased a new position in Progressive during the first quarter worth about $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Down 0.1%

Shares of NYSE:PGR opened at $246.73 on Thursday. The stock’s 50-day moving average price is $245.31 and its 200-day moving average price is $261.43. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The stock has a market capitalization of $144.64 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.38 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

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, beating analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. During the same period last year, the firm earned $2.48 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PGR. Keefe, Bruyette & Woods increased their target price on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. Jefferies Financial Group reduced their target price on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Barclays reduced their target price on Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 19th. BMO Capital Markets set a $252.00 target price on Progressive in a research note on Thursday, September 18th. Finally, Bank of America increased their target price on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research note on Monday. Six investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $279.63.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the sale, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock valued at $31,997,390 over the last ninety days. Corporate 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.