The Progressive Corporation $PGR Shares Sold by Impact Investors Inc

Impact Investors Inc reduced its stake in The Progressive Corporation (NYSE:PGR) by 66.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,222 shares of the insurance provider’s stock after selling 2,426 shares during the quarter. Impact Investors Inc’s holdings in Progressive were worth $242,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Allstate Corp raised its holdings in Progressive by 106.1% during the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after purchasing an additional 22,915 shares in the last quarter. Norges Bank acquired a new position in Progressive during the 4th quarter worth approximately $1,836,094,000. Mariner LLC raised its stake in shares of Progressive by 7.9% during the 3rd quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after buying an additional 47,248 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Progressive by 5.7% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock worth $411,506,000 after buying an additional 97,275 shares in the last quarter. Finally, Investment House LLC acquired a new stake in shares of Progressive in the 4th quarter valued at approximately $8,447,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $232.62 on Thursday. The business has a 50 day moving average price of $205.78 and a 200 day moving average price of $206.70. The company has a market capitalization of $135.93 billion, a P/E ratio of 11.83, a PEG ratio of 4.44 and a beta of 0.26. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.37 earnings per share. Sell-side analysts expect that The Progressive Corporation will post 17.26 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.03%.

Insider Buying and Selling

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the transaction, the insider owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 15,230 shares of company stock worth $3,165,817 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of several research analyst reports. Barclays set a $247.00 price objective on Progressive in a research report on Wednesday, March 18th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. Bank of America lowered their price target on shares of Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research note on Thursday, June 18th. UBS Group increased their price target on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Finally, Evercore reiterated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $236.47.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.