CenterBook Partners LP Sells 2,334 Shares of The Progressive Corporation (NYSE:PGR)

CenterBook Partners LP trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 28.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,843 shares of the insurance provider's stock after selling 2,334 shares during the quarter. CenterBook Partners LP's holdings in Progressive were worth $1,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in PGR. Chicago Partners Investment Group LLC boosted its position in Progressive by 7.8% during the first quarter. Chicago Partners Investment Group LLC now owns 1,586 shares of the insurance provider's stock worth $454,000 after purchasing an additional 115 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Progressive by 3.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,086,160 shares of the insurance provider's stock valued at $1,156,424,000 after buying an additional 134,261 shares during the last quarter. ASR Vermogensbeheer N.V. acquired a new position in Progressive in the 1st quarter valued at $20,852,000. Citizens Financial Group Inc. RI raised its holdings in Progressive by 4.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 16,928 shares of the insurance provider's stock worth $4,791,000 after acquiring an additional 663 shares during the period. Finally, Strategy Asset Managers LLC acquired a new position in Progressive during the 1st quarter worth $720,000. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

NYSE:PGR traded up $0.74 during trading hours on Thursday, reaching $247.20. The company had a trading volume of 4,469,841 shares, compared to its average volume of 3,273,707. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a 50-day moving average of $269.17 and a two-hundred day moving average of $265.63. The Progressive Corporation has a one year low of $208.13 and a one year high of $292.99. The firm has a market capitalization of $144.91 billion, a PE ratio of 16.67, a PEG ratio of 1.51 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last posted 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 11.10% and a return on equity of 33.50%. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the firm earned $2.48 EPS. The firm's quarterly revenue was up 12.1% compared to the same quarter last year. Analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were paid a $0.10 dividend. This represents a dividend yield of 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is currently 2.70%.

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the completion of the sale, the chief financial officer directly owned 238,024 shares in the company, valued at $65,544,668.88. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction dated 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 transaction, the insider owned 41,289 shares in the company, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock worth $11,450,948 over the last ninety days. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research analyst reports. Morgan Stanley lowered their price target on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research report on Monday. JPMorgan Chase & Co. upped 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. Bank of America lowered their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday. Jefferies Financial Group cut their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $284.35.

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.