Atria Investments Inc Cuts Stake in The Progressive Corporation (NYSE:PGR)

Key Points

• Atria Investments Inc has reduced its holdings in The Progressive Corporation by 15.8%, selling 8,753 shares and owning a total of 46,626 shares worth approximately $13.2 million as of its last SEC filing.
• Progressive reported a quarterly earnings per share (EPS) of $4.88, exceeding expectations, with a revenue of $20.08 billion, indicating a 12.1% year-over-year growth.
• Several analysts have recently downgraded the stock, with average price targets now hovering around $286.88, reflecting a cautious outlook in light of mixed performance and market conditions.

Atria Investments Inc trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 15.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,626 shares of the insurance provider's stock after selling 8,753 shares during the period. Atria Investments Inc's holdings in Progressive were worth $13,196,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PGR. Brighton Jones LLC grew its stake in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the fourth quarter valued at approximately $269,000. Highview Capital Management LLC DE boosted its stake in shares of Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after purchasing an additional 339 shares in the last quarter. TIAA Trust National Association boosted its stake in shares of Progressive by 8.8% during the fourth quarter. TIAA Trust National Association now owns 7,733 shares of the insurance provider's stock valued at $1,853,000 after purchasing an additional 627 shares in the last quarter. Finally, Financial Counselors Inc. boosted its stake in shares of Progressive by 1.0% during the fourth quarter. Financial Counselors Inc. now owns 44,467 shares of the insurance provider's stock valued at $10,655,000 after purchasing an additional 429 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PGR shares. Keefe, Bruyette & Woods decreased their target price on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research report on Thursday, July 17th. Morgan Stanley reduced their target price on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Bank of America dropped their price target on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research report on Thursday, July 17th. Wells Fargo & Company raised their price target on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group dropped their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $286.88.

Progressive Trading Down 3.0%

PGR stock traded down $7.50 during trading on Monday, reaching $242.61. 1,522,319 shares of the stock were exchanged, compared to its average volume of 3,242,583. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The business has a 50 day moving average price of $264.25 and a 200-day moving average price of $266.28. The Progressive Corporation has a 1 year low of $208.13 and a 1 year high of $292.99. The firm has a market capitalization of $142.22 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.50 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the prior year, the firm earned $2.48 EPS. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. On average, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were issued a dividend of $0.10 per share. This represents a yield of 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Insider Activity at Progressive

In other news, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the transaction, the director owned 12,429 shares in the company, valued at approximately $3,451,160.43. This represents a 16.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the completion of the sale, the insider owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,972 shares of company stock worth $9,078,681 over the last ninety days. 0.34% of the stock is currently owned by insiders.

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.