Mutual of America Capital Management LLC Has $19.28 Million Stake in The Progressive Corporation (NYSE:PGR)

Mutual of America Capital Management LLC lowered its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 2.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,127 shares of the insurance provider's stock after selling 2,053 shares during the quarter. Mutual of America Capital Management LLC's holdings in Progressive were worth $19,281,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. State of Alaska Department of Revenue increased its position in 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 buying an additional 1,800 shares during the last quarter. QRG Capital Management Inc. increased its holdings in shares of Progressive by 36.4% during the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after acquiring an additional 33,864 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of Progressive by 498.5% during the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock valued at $1,431,000 after acquiring an additional 4,212 shares during the last quarter. Hennessy Advisors Inc. bought a new position in shares of Progressive in the 1st quarter valued at approximately $3,141,000. Finally, Janney Montgomery Scott LLC lifted its holdings in Progressive by 16.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after purchasing an additional 13,231 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a report on Thursday, July 17th. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. Wells Fargo & Company raised their price target on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Finally, Barclays cut their price objective on Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research report on Monday, July 7th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at $56,832,701.76. This represents a 6.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 104,250 shares of company stock worth $26,332,348. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

Shares of PGR traded down $2.16 on Thursday, reaching $245.36. 2,042,363 shares of the stock traded hands, compared to its average volume of 3,702,400. The stock's 50-day moving average price is $257.56 and its 200-day moving average price is $266.03. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.29. The firm has a market cap of $143.83 billion, a price-to-earnings ratio of 13.82, a P/E/G ratio of 1.46 and a beta of 0.33. The Progressive Corporation has a 12 month low of $214.99 and a 12 month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion during 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 quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm posted $2.48 EPS. Equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

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.