MGO One Seven LLC Sells 287 Shares of The Progressive Corporation $PGR

MGO One Seven LLC cut its holdings in The Progressive Corporation (NYSE:PGR) by 1.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,360 shares of the insurance provider’s stock after selling 287 shares during the period. MGO One Seven LLC’s holdings in Progressive were worth $5,967,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Highline Wealth Partners LLC increased its holdings in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC increased its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 63 shares in the last quarter. HWG Holdings LP bought a new stake in shares of Progressive in the 1st quarter valued at $28,000. Garde Capital Inc. bought a new stake in Progressive in the first quarter valued at $33,000. Finally, Ransom Advisory Ltd bought a new stake in Progressive in the first quarter valued at $35,000. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares of the company’s stock, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,045 shares of company stock worth $31,997,390. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $240.18 on Monday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market cap of $140.80 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.33 and a beta of 0.32. The company has a fifty day moving average price of $245.20 and a 200-day moving average price of $259.54.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the prior year, the firm posted $2.48 EPS. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.25%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Barclays set a $271.00 price target on shares of Progressive in a research note on Wednesday. Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They set a “peer perform” rating for the company. Keefe, Bruyette & Woods boosted their price objective on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a report on Thursday, September 18th. Bank of America boosted their price target on shares of Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Finally, BMO Capital Markets set a $252.00 price target on shares of Progressive in a research note on Thursday, September 18th. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, Progressive currently has an average rating of “Hold” and an average target price of $279.63.

About Progressive

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.