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

Envestnet Asset Management Inc. cut its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Highline Wealth Partners LLC boosted its position in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares during the period. HWG Holdings LP acquired a new position in shares of Progressive in the first quarter worth about $28,000. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive in the fourth quarter worth approximately $28,000. Garde Capital Inc. acquired a new stake in shares of Progressive during the first quarter valued at approximately $33,000. Finally, Atala Financial Inc purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $32,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the topic of several recent analyst reports. Jefferies Financial Group cut their target price 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. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Wells Fargo & Company increased their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. UBS Group lifted their target price on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Finally, Morgan Stanley downgraded Progressive from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $330.00 to $290.00 in a report on Monday. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $285.94.

Progressive Stock Down 3.2%

Progressive stock traded down $8.28 during mid-day trading on Monday, hitting $253.38. 5,032,693 shares of the company's stock were exchanged, compared to its average volume of 2,789,115. The Progressive Corporation has a 1-year low of $207.50 and a 1-year high of $292.99. The stock has a 50 day moving average of $274.28 and a two-hundred day moving average of $265.62. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market cap of $148.54 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.61 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. As a group, analysts anticipate 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 will be paid on Friday, July 11th. Shareholders of record on Friday, July 4th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 3rd. This represents a yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the sale, the chief financial officer directly owned 238,024 shares in the company, valued at $65,544,668.88. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the transaction, the director owned 12,429 shares in the company, valued at $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,705 shares of company stock valued at $11,450,948. 0.33% of the stock is owned by corporate 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.