Hohimer Wealth Management LLC Has $778,000 Holdings in The Progressive Corporation (NYSE:PGR)

Hohimer Wealth Management LLC trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 27.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,748 shares of the insurance provider's stock after selling 1,028 shares during the period. Hohimer Wealth Management LLC's holdings in Progressive were worth $778,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

PGR has been the topic of several recent research reports. Morgan Stanley cut their target price on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a report on Monday. UBS Group cut their target price on Progressive from $291.00 to $280.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Wells Fargo & Company lifted 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. JPMorgan Chase & Co. lifted their price objective on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Finally, BMO Capital Markets lifted their price objective on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $284.82.

Progressive Price Performance

NYSE PGR traded down $5.45 during trading on Tuesday, reaching $241.92. 5,196,173 shares of the company traded hands, compared to its average volume of 2,831,441. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock's 50 day moving average price is $270.81 and its two-hundred day moving average price is $265.93. The company has a market cap of $141.82 billion, a price-to-earnings ratio of 16.31, a P/E/G ratio of 1.56 and a beta of 0.37. The Progressive Corporation has a 1-year low of $208.13 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 41,289 shares of the company's stock, valued at $10,750,829.82. The trade was a 8.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,267 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the transaction, the insider directly owned 27,621 shares in the company, valued at $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,705 shares of company stock valued at $11,450,948. Corporate insiders own 0.33% of the company's stock.

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.