Algert Global LLC Sells 4,530 Shares of The Progressive Corporation $PGR

Key Points

• Algert Global LLC reduced its holdings in The Progressive Corporation by 31.3% in the first quarter, now owning 9,962 shares valued at $2.82 million.
• Insider sales include CEO Susan Patricia Griffith selling 30,660 shares for over $7.4 million, representing a 5.70% decrease in her position at the company.
• The Progressive Corporation reported $4.88 earnings per share for the last quarter, exceeding expectations, with revenue of $20.08 billion, though slightly below analyst estimates.

Algert Global LLC reduced its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 31.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,962 shares of the insurance provider's stock after selling 4,530 shares during the period. Algert Global LLC's holdings in Progressive were worth $2,819,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PGR. Nuveen LLC purchased a new position in shares of Progressive during the 1st quarter valued at about $1,473,180,000. GQG Partners LLC lifted its position in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock valued at $862,059,000 after buying an additional 3,038,303 shares in the last quarter. C WorldWide Group Holding A S lifted its position in shares of Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after buying an additional 1,238,402 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Progressive by 18.1% during 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 valued at $1,433,722,000 after buying an additional 915,643 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PGR shares. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective on the stock. in a research report on Thursday, July 17th. Cantor Fitzgerald raised Progressive to a "hold" rating in a research report on Wednesday, August 13th. Wells Fargo & Company lowered their price target on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a report on Thursday. Jefferies Financial Group lowered their price target on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Finally, Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $284.18.

Progressive Price Performance

NYSE PGR traded down $0.0130 during trading hours on Friday, reaching $248.9370. The company's stock had a trading volume of 2,532,861 shares, compared to its average volume of 3,191,144. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The firm's 50-day moving average price is $251.40 and its 200-day moving average price is $266.43. The company has a market capitalization of $145.93 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.46 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last released 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 return on equity of 35.37% and a net margin of 12.66%.The business had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the previous year, the company posted $2.48 EPS. The company's revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is 2.25%.

Insiders Place Their Bets

In other Progressive news, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the sale, the insider owned 27,844 shares of the company's stock, valued at $6,742,703.04. The trade was a 18.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,556 shares of company stock worth $27,306,166. Insiders own 0.34% of the company's stock.

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.