The Progressive Corporation (NYSE:PGR) Shares Sold by Marble Harbor Investment Counsel LLC

Key Points

• Marble Harbor Investment Counsel LLC reduced its holdings in The Progressive Corporation by 3.2%, owning 70,780 shares worth approximately $20.03 million.
• Progressive reported $4.88 EPS for the last quarter, exceeding analysts' estimates, along with a revenue of $20.08 billion, showing a year-over-year increase of 12.1%.
• The company recently declared a dividend of $0.10, reflecting a 15.0% yield, as part of its financial strategy and commitment to returning value to shareholders.

Marble Harbor Investment Counsel LLC lessened its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 70,780 shares of the insurance provider's stock after selling 2,340 shares during the period. Progressive makes up 2.3% of Marble Harbor Investment Counsel LLC's portfolio, making the stock its 12th biggest position. Marble Harbor Investment Counsel LLC's holdings in Progressive were worth $20,031,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC boosted its stake in shares of Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after acquiring an additional 36 shares in the last quarter. Pines Wealth Management LLC lifted its holdings in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after purchasing an additional 37 shares in the last quarter. Contravisory Investment Management Inc. raised its holdings 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 worth $549,000 after acquiring an additional 38 shares in the last quarter. Beacon Financial Group raised its holdings in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after acquiring an additional 39 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC raised its holdings in shares of Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after acquiring an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Trading Up 1.1%

Shares of NYSE:PGR traded up $2.70 on Tuesday, reaching $244.28. 665,835 shares of the company traded hands, compared to its average volume of 3,261,381. The business's 50-day simple moving average is $259.50 and its 200 day simple moving average is $266.32. The stock has a market capitalization of $143.20 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33. 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 Progressive Corporation has a 52 week low of $212.27 and a 52 week high of $292.99.

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

Progressive Dividend Announcement

The company also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 15.0%. Progressive's dividend payout ratio is 2.25%.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the sale, the chief financial officer owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares in the company, valued at $122,741,523.40. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 104,250 shares of company stock valued at $26,332,348. Company insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Jefferies Financial Group lowered their target price 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. BMO Capital Markets dropped their price objective on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a research report on Friday, July 18th. Barclays decreased their price target on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a report on Monday, July 7th. Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research note on Thursday, July 17th. Finally, Bank of America reduced their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and an average price target of $286.88.

Progressive Company 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.