Bridges Investment Management Inc. Has $114.95 Million Stock Holdings in The Progressive Corporation (NYSE:PGR)

Bridges Investment Management Inc. reduced its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 406,177 shares of the insurance provider's stock after selling 6,595 shares during the period. Progressive makes up approximately 1.7% of Bridges Investment Management Inc.'s portfolio, making the stock its 17th biggest position. Bridges Investment Management Inc. owned about 0.07% of Progressive worth $114,952,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of PGR. Integrated Advisors Network LLC grew its holdings in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after acquiring an additional 36 shares in the last quarter. Pines Wealth Management LLC increased its holdings in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after purchasing an additional 37 shares during the period. Contravisory Investment Management Inc. increased its stake in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after acquiring an additional 38 shares during the period. Beacon Financial Group lifted its holdings in shares of Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after buying an additional 39 shares during the period. Finally, Kesler Norman & Wride LLC increased its holdings in shares of Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Activity at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director directly owned 12,429 shares of the company's stock, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $263.79, for a total value of $2,637,900.00. Following the completion of the sale, the chief financial officer directly owned 228,024 shares in the company, valued at $60,150,450.96. This represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock worth $11,450,948 in the last three months. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PGR. Barclays dropped their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a report on Monday. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective for the company in a research report on Monday, April 28th. UBS Group lowered their target price on Progressive from $291.00 to $280.00 and set a "neutral" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. boosted their price target on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Finally, Morgan Stanley lowered Progressive from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $330.00 to $290.00 in a research note on Monday. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $285.41.

Progressive Stock Performance

Progressive stock traded down $1.29 during mid-day trading on Wednesday, reaching $250.35. The company's stock had a trading volume of 2,533,874 shares, compared to its average volume of 2,798,782. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a twelve month low of $207.50 and a twelve month high of $292.99. The business has a 50 day moving average price of $273.46 and a 200-day moving average price of $265.61. The firm has a market cap of $146.76 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 1.59 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, July 4th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, July 3rd. This represents a yield of 0.15%. Progressive's payout ratio is 2.70%.

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.