London Co. of Virginia Sells 98,119 Shares of The Progressive Corporation $PGR

London Co. of Virginia cut its stake in The Progressive Corporation (NYSE:PGR) by 5.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,594,226 shares of the insurance provider’s stock after selling 98,119 shares during the period. Progressive accounts for approximately 1.9% of London Co. of Virginia’s portfolio, making the stock its 15th largest position. London Co. of Virginia owned 0.27% of Progressive worth $316,044,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PGR. Klingman & Associates LLC lifted its stake in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after purchasing an additional 48 shares during the period. Revisor Wealth Management LLC grew its stake in Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 50 shares during the period. Pines Wealth Management LLC grew its stake in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares during the period. Northwestern Mutual Investment Management Company LLC raised its holdings in Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares in the last quarter. Finally, Phillips Wealth Planners LLC raised its holdings in Progressive by 2.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after purchasing an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $213.85 on Friday. 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 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The business has a fifty day moving average price of $209.88 and a 200-day moving average price of $205.92. The company has a market capitalization of $124.96 billion, a PE ratio of 10.72, a PEG ratio of 2.88 and a beta of 0.26.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio is 2.01%.

Insider Buying and Selling at Progressive

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider owned 27,511 shares in the company, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PGR has been the topic of a number of research reports. Bank of America dropped their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Evercore set a $240.00 price target on shares of Progressive in a research note on Friday, July 10th. BMO Capital Markets lowered their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Keefe, Bruyette & Woods dropped their price objective on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Finally, Wells Fargo & Company cut their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $236.11.

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.