Amalgamated Bank Sells 4,449 Shares of The Progressive Corporation $PGR

Amalgamated Bank cut its position in shares of The Progressive Corporation (NYSE:PGR) by 3.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 124,522 shares of the insurance provider’s stock after selling 4,449 shares during the quarter. Amalgamated Bank’s holdings in Progressive were worth $33,230,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PGR. TruNorth Capital Management LLC increased its position 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 worth $26,000 after buying an additional 63 shares during the period. Ransom Advisory Ltd acquired a new stake in Progressive during the first quarter worth approximately $35,000. Activest Wealth Management increased its holdings in Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 127 shares in the last quarter. Richardson Financial Services Inc. increased its holdings in Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares in the last quarter. Finally, Accent Capital Management LLC bought a new stake in Progressive in the first quarter worth approximately $39,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PGR. The Goldman Sachs Group lowered their target price on Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a report on Monday. Morgan Stanley set a $214.00 target price on shares of Progressive and gave the company an “underweight” rating in a research report on Monday, October 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Progressive in a research report on Wednesday, October 8th. Citigroup dropped their target price on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Finally, UBS Group dropped their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $268.90.

Progressive Stock Performance

PGR opened at $207.84 on Thursday. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The company’s fifty day moving average price is $238.82 and its two-hundred day moving average price is $255.00. The Progressive Corporation has a 1-year low of $206.58 and a 1-year high of $292.99. The company has a market cap of $121.84 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 1.22 and a beta of 0.32.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same quarter in the previous year, the company posted $3.58 EPS. On average, analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.19%.

Insider Activity

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $556,230.04. Following the transaction, the insider owned 45,724 shares in the company, valued at approximately $11,466,664.72. The trade was a 4.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 58,500 shares of company stock valued at $14,430,089. 0.34% of the stock is currently owned by insiders.

About Progressive

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.