Convergence Investment Partners LLC Sells 4,223 Shares of The Progressive Corporation (NYSE:PGR)

Convergence Investment Partners LLC reduced its position in The Progressive Corporation (NYSE:PGR - Free Report) by 79.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,113 shares of the insurance provider's stock after selling 4,223 shares during the quarter. Convergence Investment Partners LLC's holdings in Progressive were worth $315,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of PGR. Norges Bank bought a new position in Progressive during the fourth quarter worth $1,843,045,000. GAMMA Investing LLC boosted its stake in Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after acquiring an additional 3,038,303 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after buying an additional 1,547,677 shares in the last quarter. C WorldWide Group Holding A S lifted its stake in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after buying an additional 1,238,402 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock valued at $1,433,722,000 after buying an additional 915,643 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on PGR shares. Jefferies Financial Group dropped their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Barclays dropped their price objective on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research note on Monday, July 7th. BMO Capital Markets lowered their target price on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a report on Friday, July 18th. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a report on Thursday, July 17th. Finally, UBS Group lowered their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a report on Monday, July 21st. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $286.88.

Progressive Price Performance

NYSE:PGR traded up $2.84 during mid-day trading on Friday, hitting $250.22. 2,805,287 shares of the stock traded hands, compared to its average volume of 4,033,992. The business's 50-day moving average price is $264.25 and its 200 day moving average price is $266.12. The company has a market cap of $146.69 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.50 and a beta of 0.37. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21.

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

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other news, Director Dyke Kahina Van sold 2,490 shares of the 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 transaction, the director owned 12,429 shares of the company's stock, valued at $3,451,160.43. This represents a 16.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director owned 12,217 shares of the company's stock, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,972 shares of company stock worth $11,764,581. Company 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.