HighTower Advisors LLC Has $24.50 Million Stock Holdings in The Progressive Corporation $PGR

Key Points

• HighTower Advisors reduced its Progressive holdings by 6.7% in the second quarter, selling 8,063 shares and retaining 112,149 shares valued at approximately $24.5 million. Institutional investors collectively own 85.34% of PGR.
• Analyst sentiment remains mixed, with Progressive carrying an average “Hold” rating and a consensus price target of $236.26; recent targets range from $240 to $250, while JPMorgan lowered its target to $241.
• Progressive reported stronger-than-expected quarterly results, with EPS of $5.67 versus the $4.64 consensus and revenue of $23.61 billion. The company declared a quarterly dividend of $0.10 per share, while insiders have sold more than 113,000 shares worth approximately $24.5 million over the past three months.

HighTower Advisors LLC reduced its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 6.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,149 shares of the insurance provider's stock after selling 8,063 shares during the quarter. HighTower Advisors LLC's holdings in Progressive were worth $24,499,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. Bogart Wealth LLC lifted its position in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in Progressive during the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. bought a new stake in Progressive during the 2nd quarter worth approximately $26,000. Bard Associates Inc. purchased a new stake in shares of Progressive in the fourth quarter worth approximately $27,000. Finally, Kilter Group LLC purchased a new stake in shares of Progressive in the second quarter worth approximately $27,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PGR shares. JPMorgan Chase & Co. decreased their price target on Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a report on Tuesday, August 4th. BMO Capital Markets restated a "market perform" rating on shares of Progressive in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods raised shares of Progressive from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $226.00 to $250.00 in a report on Thursday, August 20th. Evercore set a $240.00 target price on shares of Progressive in a report on Friday, July 10th. Finally, Roth Capital reissued a "buy" rating and set a $245.00 price target on shares of Progressive in a research report on Thursday, August 20th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $236.26.

Progressive Trading Down 2.0%

Shares of PGR stock opened at $214.67 on Wednesday. The company has a 50 day moving average of $217.48 and a 200-day moving average of $207.97. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.71. The firm has a market cap of $124.80 billion, a P/E ratio of 10.77, a PEG ratio of 2.92 and a beta of 0.27.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter in the prior year, the business earned $5.40 earnings per share. Progressive's revenue for the quarter was up 5.0% on a year-over-year basis. Sell-side analysts anticipate that The Progressive Corporation will post 17.74 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive's dividend payout ratio is currently 2.01%.

Insider Activity

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the company's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the sale, the director directly owned 22,546 shares of the company's stock, valued at $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Griffith sold 37,338 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the transaction, the chief executive officer owned 485,438 shares of the company's stock, valued at $106,553,641. This represents a 7.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 113,714 shares of company stock worth $24,466,294. 0.32% of the stock is owned by company insiders.

About Progressive

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.

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