Los Angeles Capital Management LLC Sells 48,985 Shares of The Progressive Corporation (NYSE:PGR)

Los Angeles Capital Management LLC lessened its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 7.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 631,898 shares of the insurance provider's stock after selling 48,985 shares during the quarter. Progressive makes up 0.8% of Los Angeles Capital Management LLC's holdings, making the stock its 26th biggest holding. Los Angeles Capital Management LLC owned approximately 0.11% of Progressive worth $178,833,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Highline Wealth Partners LLC increased its holdings 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 worth $26,000 after buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC increased its stake 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 purchasing an additional 63 shares in the last quarter. HWG Holdings LP purchased a new position in shares of Progressive in the 1st quarter worth $28,000. Minot DeBlois Advisors LLC bought a new stake in Progressive during the fourth quarter valued at approximately $28,000. Finally, Garde Capital Inc. purchased a new position in Progressive during the first quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In other Progressive news, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the transaction, the director directly owned 12,217 shares of the company's stock, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the sale, the insider owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock valued at $11,450,948 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

Progressive Trading Down 0.3%

Shares of PGR stock traded down $0.79 on Friday, reaching $246.48. The company had a trading volume of 2,966,465 shares, compared to its average volume of 2,837,227. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The stock has a market cap of $144.49 billion, a PE ratio of 13.89, a PEG ratio of 1.50 and a beta of 0.37. The company has a 50-day moving average of $267.67 and a 200-day moving average of $265.91. The Progressive Corporation has a 12 month low of $208.13 and a 12 month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping 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 company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same period last year, the business earned $2.48 EPS. The business's quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were paid a $0.10 dividend. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's dividend payout ratio is currently 2.25%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Bank of America cut their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research report on Thursday. Morgan Stanley cut their price target on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Jefferies Financial Group reduced their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. UBS Group cut their price target on shares of Progressive from $291.00 to $280.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. Finally, Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a research report on Thursday. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $287.63.

Progressive Profile

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.