Ethic Inc. Increases Position in The Progressive Co. (NYSE:PGR)

Ethic Inc. increased its stake in The Progressive Co. (NYSE:PGR) by 55.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,360 shares of the insurance provider’s stock after acquiring an additional 4,062 shares during the period. Ethic Inc.’s holdings in The Progressive were worth $1,116,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Eudaimonia Partners LLC grew its position in The Progressive by 35.7% in the first quarter. Eudaimonia Partners LLC now owns 369 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 97 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in The Progressive by 57.6% during the first quarter. Hexagon Capital Partners LLC now owns 279 shares of the insurance provider’s stock valued at $26,000 after buying an additional 102 shares during the period. Wesbanco Bank Inc. boosted its position in The Progressive by 0.6% during the second quarter. Wesbanco Bank Inc. now owns 16,444 shares of the insurance provider’s stock valued at $1,615,000 after buying an additional 105 shares during the period. Beacon Pointe Advisors LLC boosted its position in The Progressive by 4.1% during the first quarter. Beacon Pointe Advisors LLC now owns 2,668 shares of the insurance provider’s stock valued at $254,000 after buying an additional 106 shares during the period. Finally, MACRO Consulting Group boosted its position in The Progressive by 0.5% during the first quarter. MACRO Consulting Group now owns 20,202 shares of the insurance provider’s stock valued at $1,932,000 after buying an additional 110 shares during the period. Institutional investors own 82.14% of the company’s stock.

In other news, CMO M Jeffrey Charney sold 14,300 shares of the business’s stock in a transaction dated Thursday, August 19th. The shares were sold at an average price of $95.89, for a total value of $1,371,227.00. Following the sale, the chief marketing officer now directly owns 55,777 shares in the company, valued at approximately $5,348,456.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction dated Thursday, June 17th. The stock was sold at an average price of $92.86, for a total transaction of $1,114,320.00. Following the completion of the sale, the chief financial officer now owns 296,721 shares in the company, valued at $27,553,512.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,752 shares of company stock worth $10,324,363. 0.37% of the stock is currently owned by insiders.

NYSE:PGR opened at $93.20 on Wednesday. The company’s 50 day moving average price is $95.99 and its 200-day moving average price is $96.69. The Progressive Co. has a 52 week low of $84.89 and a 52 week high of $107.58. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The stock has a market cap of $54.54 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 3.51 and a beta of 0.46.

The Progressive (NYSE:PGR) last issued its earnings results on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.36). The Progressive had a return on equity of 23.52% and a net margin of 12.00%. As a group, sell-side analysts anticipate that The Progressive Co. will post 4.42 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, October 7th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, October 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.43%. The Progressive’s dividend payout ratio is currently 5.35%.

A number of research firms have recently weighed in on PGR. Raymond James dropped their target price on shares of The Progressive from $115.00 to $105.00 and set an “outperform” rating for the company in a report on Friday, July 16th. dropped their target price on shares of The Progressive from $97.00 to $95.00 and set a “neutral” rating for the company in a report on Monday, June 21st. Bank of America decreased their price target on shares of The Progressive from $127.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, June 17th. Evercore ISI decreased their price target on shares of The Progressive from $93.00 to $90.00 and set an “in-line” rating for the company in a research note on Tuesday, August 17th. Finally, Morgan Stanley downgraded shares of The Progressive from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $90.00 to $85.00 in a research note on Monday, June 7th. Six analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.21.

The Progressive Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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