The Progressive Corporation $PGR Shares Sold by Loring Wolcott & Coolidge Fiduciary Advisors LLP MA

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 90.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,851 shares of the insurance provider’s stock after selling 18,316 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Progressive were worth $494,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PGR. Nuveen LLC purchased a new position in Progressive during the 1st quarter worth approximately $1,473,180,000. GQG Partners LLC raised its position in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after buying an additional 3,174,632 shares during the last quarter. C WorldWide Group Holding A S raised its position in Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after buying an additional 1,238,402 shares during the last quarter. Alliancebernstein L.P. raised its position in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after buying an additional 1,091,828 shares during the last quarter. Finally, Axiom Investors LLC DE purchased a new position in Progressive during the 1st quarter worth approximately $194,557,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,778 shares of company stock worth $31,683,756 in the last 90 days. 0.34% of the stock is owned by insiders.

Progressive Price Performance

NYSE:PGR opened at $220.52 on Friday. 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 firm has a market cap of $129.27 billion, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 1.27 and a beta of 0.32. The company has a 50 day moving average price of $241.66 and a 200-day moving average price of $256.70. The Progressive Corporation has a 1-year low of $217.20 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the previous year, the firm posted $3.58 EPS. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s payout ratio is presently 2.19%.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. Morgan Stanley set a $214.00 price target on shares of Progressive and gave the stock an “underweight” rating in a research report on Monday. Bank of America raised their price target on shares of Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Keefe, Bruyette & Woods reduced their price target on shares of Progressive from $270.00 to $262.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Wells Fargo & Company cut their target price on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Finally, Evercore ISI cut their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $270.40.

Progressive Company 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.