Coyle Financial Counsel LLC Decreases Position in The Progressive Corporation (NYSE:PGR)

Coyle Financial Counsel LLC trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 35.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,862 shares of the insurance provider's stock after selling 3,703 shares during the quarter. Progressive accounts for approximately 0.6% of Coyle Financial Counsel LLC's investment portfolio, making the stock its 26th biggest position. Coyle Financial Counsel LLC's holdings in Progressive were worth $1,942,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. State of Alaska Department of Revenue raised its position in Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after purchasing an additional 1,800 shares in the last quarter. QRG Capital Management Inc. raised its position in Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after purchasing an additional 33,864 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock valued at $1,431,000 after purchasing an additional 4,212 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in Progressive in the 1st quarter valued at about $3,141,000. Finally, Janney Montgomery Scott LLC raised its position in Progressive by 16.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock valued at $26,451,000 after purchasing an additional 13,231 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Progressive news, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the completion of the sale, the insider owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.43, for a total value of $958,642.83. Following the sale, the director directly owned 12,217 shares of the company's stock, valued at approximately $3,181,673.31. This trade represents a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,705 shares of company stock valued at $11,450,948 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Down 1.8%

Progressive stock traded down $4.61 during trading on Friday, hitting $244.77. The company's stock had a trading volume of 3,182,460 shares, compared to its average volume of 2,810,532. The stock has a market capitalization of $143.49 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 1.57 and a beta of 0.37. The stock's fifty day moving average is $271.50 and its 200 day moving average is $265.58. The Progressive Corporation has a 1-year low of $208.13 and a 1-year high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, equities research analysts predict 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. Investors of record on Friday, July 4th were paid a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a yield of 0.15%. Progressive's payout ratio is currently 2.70%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PGR shares. BMO Capital Markets increased their price target on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Morgan Stanley lowered Progressive from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $330.00 to $290.00 in a research report on Monday, July 7th. Barclays cut their target price on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. Jefferies Financial Group cut 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. Finally, JPMorgan Chase & Co. raised their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. 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.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $285.41.

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.