Cwm LLC Trims Stock Position in The Progressive Co. (NYSE:PGR)

Cwm LLC cut its stake in shares of The Progressive Co. (NYSE:PGR) by 1.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 100,880 shares of the insurance provider’s stock after selling 1,073 shares during the quarter. Cwm LLC’s holdings in Progressive were worth $20,954,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Indiana Trust & Investment Management CO purchased a new position in Progressive during the first quarter valued at approximately $32,000. Sachetta LLC purchased a new position in Progressive during the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co purchased a new position in Progressive during the fourth quarter valued at approximately $25,000. Hilltop National Bank increased its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the period. Finally, Register Financial Advisors LLC purchased a new position in Progressive during the first quarter valued at approximately $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the sale, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,168 shares of company stock valued at $22,937,984. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PGR. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods raised shares of Progressive from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $210.00 to $245.00 in a report on Wednesday, July 17th. Morgan Stanley cut their price target on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Jefferies Financial Group lifted their price target on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, Evercore ISI lifted their price target on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $224.18.

Progressive Stock Performance

PGR traded up $1.83 on Wednesday, reaching $215.88. The stock had a trading volume of 2,059,537 shares, compared to its average volume of 2,573,249. The Progressive Co. has a 12-month low of $124.06 and a 12-month high of $229.00. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $211.61 and its two-hundred day moving average price is $203.71. The company has a market cap of $126.44 billion, a P/E ratio of 22.31, a price-to-earnings-growth ratio of 0.75 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the previous year, the company earned $0.57 earnings per share. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. Sell-side analysts forecast that The Progressive Co. will post 12.02 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s payout ratio is 4.09%.

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.