Everett Harris & Co. CA Has $29.94 Million Stock Position in The Progressive Co. (NYSE:PGR)

Everett Harris & Co. CA lowered its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 144,760 shares of the insurance provider’s stock after selling 2,005 shares during the period. Everett Harris & Co. CA’s holdings in Progressive were worth $29,939,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Aviance Capital Partners LLC acquired a new position in Progressive during the 1st quarter worth about $3,628,000. TCW Group Inc. acquired a new stake in Progressive during the 4th quarter valued at approximately $1,988,000. Brevan Howard Capital Management LP bought a new position in Progressive during the 4th quarter worth approximately $3,090,000. Invesco LLC lifted its position in shares of Progressive by 2.0% in the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after purchasing an additional 70 shares during the period. Finally, Strs Ohio boosted its stake in shares of Progressive by 3.1% in the 4th quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock valued at $26,788,000 after purchasing an additional 4,983 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 0.4 %

PGR stock traded down $0.75 during midday trading on Thursday, reaching $210.27. 1,284,908 shares of the company’s stock traded hands, compared to its average volume of 2,506,822. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The firm’s fifty day moving average price is $209.32 and its 200-day moving average price is $194.75. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $217.77. The company has a market cap of $123.15 billion, a price-to-earnings ratio of 21.52, a P/E/G ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the previous year, the firm posted $0.65 earnings per share. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, sell-side analysts forecast that The Progressive Co. will post 11.26 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the completion of the sale, the chief financial officer now owns 302,958 shares in the company, valued at $63,742,363.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the transaction, the chief financial officer now directly owns 302,958 shares in the company, valued at $63,742,363.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the sale, the chief financial officer now owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold 34,518 shares of company stock worth $7,159,674 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of analyst reports. BMO Capital Markets reissued an “outperform” rating and set a $235.00 target price on shares of Progressive in a research note on Monday, June 17th. Wells Fargo & Company lifted their price objective on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Roth Mkm restated a “buy” rating and set a $235.00 target price on shares of Progressive in a research report on Wednesday, June 26th. The Goldman Sachs Group lifted their target price on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Finally, Keefe, Bruyette & Woods increased their price target on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and an average target price of $216.81.

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.