Yarbrough Capital LLC Sells 2,533 Shares of The Progressive Co. (NYSE:PGR)

Yarbrough Capital LLC lowered its holdings in The Progressive Co. (NYSE:PGR) by 51.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,433 shares of the insurance provider’s stock after selling 2,533 shares during the period. Yarbrough Capital LLC’s holdings in Progressive were worth $689,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PGR. Pines Wealth Management LLC grew its stake in Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after acquiring an additional 37 shares in the last quarter. Contravisory Investment Management Inc. grew its stake in Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after acquiring an additional 38 shares in the last quarter. Beacon Financial Group grew its stake in Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after acquiring an additional 39 shares in the last quarter. Kesler Norman & Wride LLC grew its stake in Progressive by 1.1% during the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after acquiring an additional 40 shares in the last quarter. Finally, Baker Tilly Wealth Management LLC grew its stake in Progressive by 3.6% during the first quarter. Baker Tilly Wealth Management LLC now owns 1,142 shares of the insurance provider’s stock valued at $323,000 after acquiring an additional 40 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on PGR. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Roth Mkm boosted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the company an “overweight” rating in a research note on Monday, May 19th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Finally, UBS Group boosted their price target on shares of Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $288.59.

Progressive Price Performance

Shares of Progressive stock opened at $279.19 on Friday. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The stock has a market capitalization of $163.67 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a fifty day moving average of $276.19 and a 200-day moving average of $264.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The company had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. Equities research analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is 2.70%.

Insider Activity

In other news, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company’s stock, valued at approximately $180,891.35. This represents a 35.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the sale, the insider now directly owns 28,888 shares of the company’s stock, valued at $8,025,375.28. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,755 shares of company stock valued at $10,367,074. Corporate insiders own 0.34% of the company’s stock.

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.