Intech Investment Management LLC Has $94.24 Million Stock Holdings in The Progressive Corporation $PGR

Key Points

• Intech Investment Management LLC has reduced its stake in The Progressive Corporation by 34.6%, resulting in ownership of 333,003 shares valued at approximately $94.2 million.
• Several other investors, including Brighton Jones LLC and Highview Capital Management LLC, have recently adjusted their holdings in Progressive, impacting the company's stock composition.
• The latest analyst reports indicate a shift in ratings for Progressive, with firms like Evercore ISI downgrading the stock from "outperform" to "in-line" and adjusting price targets lower.

Intech Investment Management LLC trimmed its position in The Progressive Corporation (NYSE:PGR - Free Report) by 34.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 333,003 shares of the insurance provider's stock after selling 175,942 shares during the period. Progressive accounts for about 1.0% of Intech Investment Management LLC's investment portfolio, making the stock its 13th biggest holding. Intech Investment Management LLC owned about 0.06% of Progressive worth $94,243,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Integrated Advisors Network LLC lifted its stake in shares of Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after purchasing an additional 36 shares during the last quarter. Rise Advisors LLC raised its position in shares of Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC raised its position in shares of Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. raised its position in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after buying an additional 38 shares during the last quarter. Finally, Beacon Financial Group increased its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after acquiring an additional 39 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Karen Bailo sold 8,922 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the transaction, the insider directly owned 32,346 shares in the company, valued at $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick K. Callahan sold 6,232 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the completion of the transaction, the insider owned 27,844 shares in the company, valued at $6,742,703.04. This represents a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,010 shares of company stock valued at $34,547,699 over the last three months. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

PGR has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Wells Fargo & Company decreased their price objective on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research note on Thursday, August 21st. Barclays decreased their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 19th. Jefferies Financial Group decreased their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Finally, Bank of America upped their price objective on shares of Progressive from $344.00 to $347.00 and gave the stock a "buy" rating in a research note on Wednesday. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of "Moderate Buy" and a consensus target price of $284.82.

Progressive Price Performance

Shares of PGR traded down $0.51 during mid-day trading on Friday, hitting $248.29. 2,612,107 shares of the company traded hands, compared to its average volume of 2,408,336. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average of $246.44 and a 200 day moving average of $264.74. The stock has a market capitalization of $145.55 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 1.44 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period in the prior year, the business posted $2.48 earnings per share. Progressive's revenue was up 12.1% compared to the same quarter last year. As a group, equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

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.