The Progressive Corporation (NYSE:PGR) Shares Sold by Burney Co.

Key Points

• Burney Co. reduced its stake in The Progressive Corporation by 38.6%, now owning 4,140 shares valued at approximately $1.17 million after selling 2,607 shares in the first quarter.
• In recent transactions, insider sales were reported, with Steven Broz selling 1,267 shares and John Jo Murphy selling 4,000 shares, indicating a reduction in their ownership percentages.
• The company's recent earnings report revealed an EPS of $4.88, surpassing analyst expectations, while revenue amounted to $20.08 billion, showing a 12.1% increase year-over-year.

Burney Co. decreased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 38.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,140 shares of the insurance provider's stock after selling 2,607 shares during the quarter. Burney Co.'s holdings in Progressive were worth $1,172,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC raised its position in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after purchasing an additional 36 shares during the period. Pines Wealth Management LLC raised its position in 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. raised its position in Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after purchasing an additional 38 shares during the period. Beacon Financial Group raised its position in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after purchasing an additional 39 shares during the period. Finally, Kesler Norman & Wride LLC increased its position in shares of Progressive by 1.1% during the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock worth $885,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

NYSE PGR traded down $7.24 during trading hours on Monday, hitting $242.86. The company had a trading volume of 1,276,761 shares, compared to its average volume of 3,241,654. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The Progressive Corporation has a 1-year low of $208.13 and a 1-year high of $292.99. The company has a market cap of $142.37 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 1.50 and a beta of 0.37. The business has a 50 day moving average of $264.25 and a 200-day moving average of $266.28.

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 business had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the prior year, the firm earned $2.48 earnings per share. The business's quarterly revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

Analysts Set New Price Targets

PGR has been the topic of a number of recent research reports. UBS Group cut their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Evercore ISI lowered 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. Jefferies Financial Group cut their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. BMO Capital Markets cut their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research report on Friday, July 18th. Finally, Wells Fargo & Company upped their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $286.88.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,267 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $247.54, for a total transaction of $313,633.18. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at approximately $6,523,669.16. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director owned 12,429 shares of the company's stock, valued at $3,451,160.43. This trade represents a 16.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,972 shares of company stock valued at $9,078,681. Corporate 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.