Accuvest Global Advisors Trims Holdings in The Progressive Corporation (NYSE:PGR)

Key Points

• Accuvest Global Advisors reduced its holdings in The Progressive Corporation by 64.3% in the first quarter, now owning 5,143 shares valued at approximately $1.45 million.
• Insider Patrick K. Callahan sold 6,232 shares of Progressive for over $1.5 million, representing an 18.29% decrease in his ownership.
• The Progressive Corporation reported an EPS of $4.88 in its last quarterly earnings, exceeding analysts' expectations and marking a year-over-year revenue increase of 12.1%.

Accuvest Global Advisors lowered its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 64.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,143 shares of the insurance provider's stock after selling 9,261 shares during the quarter. Progressive makes up 1.2% of Accuvest Global Advisors' investment portfolio, making the stock its 22nd largest position. Accuvest Global Advisors' holdings in Progressive were worth $1,456,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock valued at $15,289,037,000 after acquiring an additional 622,590 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Progressive by 13.0% in the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares during the period. Capital Research Global Investors boosted its stake in Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after buying an additional 1,547,677 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Progressive by 18.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after acquiring an additional 915,643 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Progressive by 6.6% in the 4th quarter. Deutsche Bank AG now owns 5,447,442 shares of the insurance provider's stock valued at $1,305,262,000 after acquiring an additional 337,146 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the completion of the transaction, the insider directly owned 27,844 shares in the company, valued at approximately $6,742,703.04. This trade represents a 18.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the sale, the insider owned 41,289 shares in the company, valued at $10,750,829.82. The trade was a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,250 shares of company stock valued at $26,332,348 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Up 1.9%

Shares of Progressive stock opened at $247.47 on Thursday. The company's fifty day simple moving average is $258.19 and its two-hundred day simple moving average is $266.02. The Progressive Corporation has a 12-month low of $213.47 and a 12-month high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The company has a market cap of $145.07 billion, a P/E ratio of 13.94, a PEG ratio of 1.46 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.48 earnings per share. Research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a yield of 15.0%. Progressive's dividend payout ratio is 2.25%.

Analysts Set New Price Targets

PGR has been the subject of a number of research reports. Bank of America cut their price target on shares of Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. BMO Capital Markets decreased their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Evercore ISI cut shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research note on Thursday, July 17th. Finally, Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $286.88.

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.

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