Ipswich Investment Management Co. Inc. Sells 1,790 Shares of The Progressive Corporation $PGR

Key Points

• Ipswich Investment Management Co. Inc. reduced its stake in The Progressive Corporation by 5.1%, selling 1,790 shares during the second quarter, retaining approximately 33,044 shares worth $8.8 million.
• Progressive reported an earnings per share (EPS) of $4.88 for the last quarter, beating analysts' expectations, while also announcing a quarterly dividend of $0.10 per share.
• Institutional investors own approximately 85.34% of Progressive's stock, with several recent transactions indicating mixed investor sentiment among major stakeholders.

Ipswich Investment Management Co. Inc. decreased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 5.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,044 shares of the insurance provider's stock after selling 1,790 shares during the quarter. Progressive comprises approximately 2.1% of Ipswich Investment Management Co. Inc.'s portfolio, making the stock its 11th biggest holding. Ipswich Investment Management Co. Inc.'s holdings in Progressive were worth $8,818,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Highline Wealth Partners LLC raised its holdings in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares during the period. TruNorth Capital Management LLC raised its holdings in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP bought a new position in shares of Progressive in the first quarter worth $28,000. Garde Capital Inc. bought a new position in shares of Progressive in the first quarter worth $33,000. Finally, Ransom Advisory Ltd bought a new position in shares of Progressive in the first quarter worth $35,000. Institutional investors own 85.34% of the company's stock.

Progressive Stock Up 0.5%

PGR opened at $243.46 on Friday. The stock has a market cap of $142.72 billion, a PE ratio of 13.72, a P/E/G ratio of 1.35 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The business's fifty day simple moving average is $245.34 and its 200 day simple moving average is $262.14.

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

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. 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 presently 2.25%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Jefferies Financial Group decreased their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $265.00 price target (down previously from $327.00) on shares of Progressive in a report on Thursday, September 18th. UBS Group decreased their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Finally, BMO Capital Markets set a $252.00 target price on Progressive in a research note on Thursday, September 18th. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, Progressive presently has a consensus rating of "Hold" and an average target price of $279.31.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the company's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares in the company, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 140,045 shares of company stock valued at $34,635,290. 0.34% of the stock is currently owned by 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.

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