Hardy Reed LLC Sells 107 Shares of The Progressive Corporation $PGR

Hardy Reed LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,343 shares of the insurance provider’s stock after selling 107 shares during the period. Hardy Reed LLC’s holdings in Progressive were worth $3,294,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of PGR. Vanguard Group Inc. raised its holdings in shares of Progressive by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock worth $15,289,037,000 after acquiring an additional 622,590 shares in the last quarter. GQG Partners LLC boosted its stake in shares of Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after purchasing an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Progressive by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after buying an additional 396,567 shares during the period. Finally, Nuveen LLC bought a new stake in Progressive during the 1st quarter valued at about $1,473,180,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of NYSE PGR opened at $240.50 on Tuesday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a market capitalization of $140.98 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.37 and a beta of 0.32. 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’s fifty day moving average price is $245.14 and its 200 day moving average price is $260.43.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating 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 firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the prior year, the company earned $2.48 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

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

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,345 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the transaction, the insider owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the 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 transaction, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,045 shares of company stock worth $31,997,390. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Barclays reduced their target price on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 19th. Keefe, Bruyette & Woods raised their price target on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. Wolfe Research initiated coverage on shares of Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Finally, UBS Group lowered their target price on Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a report on Monday, July 21st. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, Progressive has an average rating of “Hold” and an average price target of $279.63.

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.