Edgestream Partners L.P. Cuts Position in The Progressive Corporation (NYSE:PGR)

Edgestream Partners L.P. cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 94.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 802 shares of the insurance provider's stock after selling 13,343 shares during the period. Edgestream Partners L.P.'s holdings in Progressive were worth $227,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Progressive during the fourth quarter worth about $1,843,045,000. GAMMA Investing LLC raised its position in shares of Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after purchasing an additional 3,038,303 shares during the last quarter. GQG Partners LLC lifted its stake in Progressive by 67.6% in the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock valued at $1,239,143,000 after buying an additional 2,085,833 shares in the last quarter. Capital Research Global Investors lifted its stake in Progressive by 34.3% in the 4th 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Progressive by 18.1% during the 4th 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 worth $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 and hedge funds.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction 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 sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the firm'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 transaction, the director owned 12,217 shares of the company's stock, valued at $3,181,673.31. This trade represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock valued at $11,450,948 over the last ninety days. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PGR shares. Bank of America lowered their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. upped their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research report on Thursday. Morgan Stanley lowered their price target on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Finally, Barclays cut their price objective on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a report on Monday, July 7th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $287.63.

Progressive Stock Down 0.3%

Shares of PGR opened at $246.48 on Monday. The company's 50-day moving average price is $267.67 and its 200 day moving average price is $266.09. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The firm has a market cap of $144.49 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.50 and a beta of 0.37.

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

Progressive Dividend Announcement

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

Progressive Profile

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.

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