Bank of New York Mellon Corp Sells 270,410 Shares of The Progressive Corporation $PGR

Bank of New York Mellon Corp trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 6.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,813,472 shares of the insurance provider’s stock after selling 270,410 shares during the period. Bank of New York Mellon Corp’s holdings in Progressive were worth $1,017,663,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in PGR. TruNorth Capital Management LLC lifted 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 valued at $26,000 after purchasing an additional 63 shares in the last quarter. Westside Investment Management Inc. lifted its stake in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares in the last quarter. Ransom Advisory Ltd purchased a new stake in shares of Progressive during the 1st quarter valued at approximately $35,000. Activest Wealth Management lifted its stake in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares in the last quarter. Finally, Richardson Financial Services Inc. lifted its stake in shares of Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after buying an additional 132 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were 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 approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction 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 sale, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 58,500 shares of company stock worth $14,430,089. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $205.97 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a one year low of $205.55 and a one year high of $292.99. The stock has a market cap of $120.74 billion, a PE ratio of 11.30, a P/E/G ratio of 1.19 and a beta of 0.32. The firm has a 50 day simple moving average of $237.11 and a two-hundred day simple moving average of $253.86.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the previous year, the firm posted $3.58 earnings per share. On average, analysts predict 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. Stockholders of record on Thursday, October 2nd were 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 was Thursday, October 2nd. Progressive’s payout ratio is presently 2.19%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PGR. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Barclays reduced their price objective on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. Evercore ISI reduced their price objective on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Raymond James Financial reduced their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Finally, Morgan Stanley set a $214.00 price objective on shares of Progressive and gave the company an “underweight” rating in a research note on Monday, October 20th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $268.90.

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.