C WorldWide Group Holding A S Cuts Holdings in The Progressive Corporation $PGR

C WorldWide Group Holding A S reduced its holdings in The Progressive Corporation (NYSE:PGR) by 19.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 552,443 shares of the insurance provider’s stock after selling 135,326 shares during the quarter. Progressive comprises 3.0% of C WorldWide Group Holding A S’s investment portfolio, making the stock its 13th biggest holding. C WorldWide Group Holding A S’s holdings in Progressive were worth $120,681,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. California State Teachers Retirement System lifted its holdings in Progressive by 23,059.4% in the second quarter. California State Teachers Retirement System now owns 199,767,282 shares of the insurance provider’s stock valued at $43,639,163,000 after acquiring an additional 198,904,705 shares during the period. BlackRock Inc. purchased a new stake in Progressive during the second quarter worth about $10,496,271,000. State Street Corp boosted its holdings in Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after buying an additional 78,374 shares in the last quarter. Capital International Investors grew its position in Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after buying an additional 1,217,527 shares during the period. Finally, Bank of America Corp DE purchased a new position in Progressive in the second quarter valued at about $2,682,342,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, insider John Murphy sold 8,124 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. This trade represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 113,714 shares of company stock valued at $24,466,294. 0.32% of the stock is currently owned by insiders.

Progressive Stock Performance

Progressive stock opened at $214.67 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a fifty day moving average of $217.48 and a two-hundred day moving average of $207.97. The company has a market capitalization of $124.80 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 2.92 and a beta of 0.27. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $249.71.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.40 earnings per share. On average, analysts anticipate that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.01%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PGR. Jefferies Financial Group reissued a “hold” rating and set a $228.00 price target on shares of Progressive in a research note on Wednesday, August 19th. Bank of America dropped their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. UBS Group lifted their price objective on Progressive from $225.00 to $234.00 and gave the stock a “neutral” rating in a report on Thursday, August 27th. William Blair restated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Finally, Mizuho set a $236.00 price target on Progressive in a research note on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $236.26.

Progressive Company Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.