The Progressive Corporation $PGR Shares Sold by TIAA Trust National Association

TIAA Trust National Association cut its position in The Progressive Corporation (NYSE:PGR) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,237 shares of the insurance provider’s stock after selling 445 shares during the period. TIAA Trust National Association’s holdings in Progressive were worth $1,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC boosted its stake in Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after purchasing an additional 36 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its position in shares of Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after buying an additional 39 shares during the last quarter. LRI Investments LLC raised its position in shares of Progressive by 13.4% in the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after buying an additional 40 shares during the last quarter. True North Advisors LLC boosted its position in Progressive by 4.0% during the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock worth $299,000 after acquiring an additional 41 shares during the last quarter. Finally, Prosperity Consulting Group LLC boosted its position in Progressive by 1.1% during the first quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock worth $1,082,000 after acquiring an additional 42 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

PGR stock opened at $203.74 on Tuesday. The business has a fifty day moving average of $236.30 and a two-hundred day moving average of $253.42. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The stock has a market cap of $119.43 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 1.19 and a beta of 0.32. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same period last year, the company earned $3.58 EPS. As a group, research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.19%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares in the company, valued at $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 58,500 shares of company stock valued at $14,430,089. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PGR. Bank of America boosted their target price on Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Progressive in a report on Friday. Wolfe Research initiated coverage on Progressive in a research note on Monday, September 15th. They set a “peer perform” rating on the stock. Evercore ISI cut their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research note on Monday. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $268.90.

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.