Envestnet Asset Management Inc. Sells 10,291 Shares of The Progressive Corporation (NYSE:PGR)

Envestnet Asset Management Inc. cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 0.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,776,534 shares of the insurance provider's stock after selling 10,291 shares during the quarter. Envestnet Asset Management Inc. owned 0.30% of Progressive worth $502,777,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PGR. Brighton Jones LLC boosted its position 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 in the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive in the fourth quarter valued at approximately $269,000. Highview Capital Management LLC DE boosted its position 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 in the last quarter. Proficio Capital Partners LLC boosted its position in Progressive by 54.1% in the fourth quarter. Proficio Capital Partners LLC now owns 2,371 shares of the insurance provider's stock valued at $568,000 after buying an additional 832 shares in the last quarter. Finally, E Fund Management Co. Ltd. boosted its position in Progressive by 92.3% in the fourth quarter. E Fund Management Co. Ltd. now owns 1,702 shares of the insurance provider's stock valued at $408,000 after buying an additional 817 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on PGR shares. Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target on the stock in a report on Monday, April 28th. BMO Capital Markets lifted their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $288.88.

Progressive Trading Up 1.0%

NYSE:PGR opened at $260.30 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a 50-day moving average of $274.28 and a 200-day moving average of $265.62. The company has a market cap of $152.59 billion, a PE ratio of 17.55, a PEG ratio of 1.61 and a beta of 0.37. The Progressive Corporation has a one year low of $207.50 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, July 4th will be given a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's payout ratio is 2.70%.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,267 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the sale, the insider owned 27,621 shares in the company, valued at approximately $7,191,955.98. This trade represents a 4.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the sale, the director 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,705 shares of company stock worth $11,450,948. Company insiders own 0.33% of the company's stock.

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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