The Progressive Corporation $PGR Stock Sold by James Hambro & Partners LLP

James Hambro & Partners LLP cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 98.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,011 shares of the insurance provider’s stock after selling 345,494 shares during the period. James Hambro & Partners LLP’s holdings in Progressive were worth $1,247,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Progressive during the second quarter worth approximately $10,496,271,000. State Street Corp lifted its holdings in Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock worth $5,794,814,000 after purchasing an additional 656,249 shares during the last quarter. Bank of America Corp DE acquired a new stake in Progressive during the 2nd quarter worth approximately $2,682,342,000. GQG Partners LLC bought a new stake in Progressive in the 2nd quarter valued at $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Progressive by 6.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock valued at $1,482,010,000 after purchasing an additional 410,326 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of PGR stock traded down $0.41 during trading on Monday, hitting $218.08. The company had a trading volume of 874,934 shares, compared to its average volume of 3,089,458. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The firm has a market capitalization of $126.79 billion, a P/E ratio of 10.98, a price-to-earnings-growth ratio of 2.63 and a beta of 0.25. The stock’s 50-day moving average price is $214.78 and its 200 day moving average price is $209.49. The Progressive Corporation has a one year low of $189.20 and a one year high of $239.38.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s dividend payout ratio is 2.01%.

Wall Street Analyst Weigh In

A number of research analysts have commented on PGR shares. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. UBS Group reissued a “neutral” rating and set a $238.00 target price on shares of Progressive in a report on Monday. Weiss Ratings raised Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. The Goldman Sachs Group boosted their target price on shares of Progressive from $233.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. Finally, Roth Capital restated a “buy” rating and issued a $245.00 price target (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $234.45.

Insider Buying and Selling

In related news, insider Lori Niederst sold 7,339 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the transaction, the insider owned 42,567 shares of the company’s stock, valued at $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew Quigg sold 3,499 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% 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. Insiders have sold 106,782 shares of company stock valued at $22,965,332 in the last ninety days. Insiders own 0.32% of the company’s stock.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.