Choreo LLC Sells 3,590 Shares of The Progressive Corporation (NYSE:PGR)

Choreo LLC cut its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 13.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,322 shares of the insurance provider's stock after selling 3,590 shares during the period. Choreo LLC's holdings in Progressive were worth $6,317,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PGR. Brighton Jones LLC lifted its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new position in Progressive in the fourth quarter valued at approximately $269,000. Highview Capital Management LLC DE lifted its stake in Progressive by 3.2% in 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 buying an additional 339 shares during the period. Fox Run Management L.L.C. acquired a new position in Progressive in the fourth quarter valued at approximately $476,000. Finally, LPL Financial LLC lifted its stake in Progressive by 21.1% in the fourth quarter. LPL Financial LLC now owns 473,677 shares of the insurance provider's stock valued at $113,498,000 after buying an additional 82,404 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of NYSE:PGR traded up $2.84 on Friday, hitting $250.22. The company's stock had a trading volume of 2,805,287 shares, compared to its average volume of 4,033,992. The company has a 50-day simple moving average of $264.25 and a 200 day simple moving average of $266.12. The Progressive Corporation has a 1 year low of $208.13 and a 1 year high of $292.99. The company has a market capitalization of $146.69 billion, a PE ratio of 14.10, a PEG ratio of 1.50 and a beta of 0.37. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the firm posted $2.48 EPS. Sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PGR. BMO Capital Markets lowered their target price on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research report on Friday, July 18th. Wells Fargo & Company upped their target price on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Jefferies Financial Group lowered their target price on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Bank of America lowered their price target on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research report on Thursday, July 17th. Finally, Barclays lowered their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research report on Monday, July 7th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.

Insider Activity at Progressive

In related news, Director Dyke Kahina Van sold 2,490 shares of the firm's 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 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 filing with the SEC, which is accessible through this link. Also, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider directly owned 41,289 shares in the company, valued at $10,750,829.82. This trade represents a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,972 shares of company stock worth $11,764,581 in the last quarter. 0.34% of the stock is owned by company 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.