Tectonic Advisors LLC Cuts Stock Position in The Progressive Corporation (NYSE:PGR)

Tectonic Advisors LLC cut its holdings in The Progressive Corporation (NYSE:PGR) by 29.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,840 shares of the insurance provider’s stock after selling 10,844 shares during the quarter. Tectonic Advisors LLC’s holdings in Progressive were worth $7,313,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Highline Wealth Partners LLC lifted its stake in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 49 shares during the period. TruNorth Capital Management LLC increased its holdings 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 acquiring an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in shares of Progressive during the fourth quarter valued at about $28,000. HWG Holdings LP acquired a new position in Progressive in the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive in the 1st quarter worth approximately $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research reports. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a report on Monday, April 28th. BMO Capital Markets lifted their price target on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $288.00 to $290.00 and gave the company a “market perform” rating in a research note on Wednesday, July 9th. Barclays lowered their target price on shares of Progressive from $297.00 to $287.00 and set an “equal weight” rating on the stock in a research note on Monday, July 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $284.82.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,267 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the sale, the insider directly owned 27,621 shares in the company, valued at $7,191,955.98. This represents a 4.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Jo Murphy sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the sale, the insider owned 41,289 shares in the company, valued at $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,705 shares of company stock valued at $11,450,948. 0.33% of the stock is owned by company insiders.

Progressive Stock Up 1.0%

Shares of NYSE:PGR opened at $247.46 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market capitalization of $145.06 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 1.54 and a beta of 0.37. The firm’s 50-day moving average is $270.81 and its two-hundred day moving average is $265.93. The Progressive Corporation has a 1 year low of $208.13 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. Analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive’s dividend payout ratio (DPR) is presently 2.70%.

Progressive Profile

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.