Nepc LLC Sells 6,260 Shares of The Progressive Corporation $PGR

Key Points

• Nepc LLC reduced its stake in The Progressive Corporation by 8% during the first quarter, holding 72,380 shares valued at approximately $20.48 million.
• Institutional ownership in Progressive stands at 85.34%, with several firms like Vanguard and GQG Partners significantly increasing their holdings.
• Progressive recently announced a quarterly dividend of $0.10 per share, with a payout ratio of 2.25% and an expected yield of 0.2%.

Nepc LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 8.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,380 shares of the insurance provider's stock after selling 6,260 shares during the period. Progressive makes up 0.6% of Nepc LLC's investment portfolio, making the stock its 23rd biggest holding. Nepc LLC's holdings in Progressive were worth $20,484,000 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. Brighton Jones LLC lifted its holdings in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in Progressive during the fourth quarter valued at approximately $269,000. Highview Capital Management LLC DE grew its stake in Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after acquiring an additional 339 shares in the last quarter. Bison Wealth LLC increased its holdings in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after acquiring an additional 80 shares during the period. Finally, Cary Street Partners Financial LLC purchased a new stake in Progressive in the 4th quarter worth approximately $236,000. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PGR. Barclays reduced their price target on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Wells Fargo & Company dropped their price objective on Progressive from $330.00 to $327.00 and set an "overweight" rating for the company in a research note on Thursday, August 21st. Morgan Stanley upped their target price on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Friday, August 22nd. Cantor Fitzgerald raised Progressive to a "hold" rating in a research note on Wednesday, August 13th. Finally, Citigroup reaffirmed a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $284.18.

Insider Activity

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $250.78, for a total value of $556,230.04. Following the sale, the insider owned 45,724 shares in the company, valued at approximately $11,466,664.72. This represents a 4.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares of the company's stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 139,010 shares of company stock worth $34,547,699. 0.33% of the stock is currently owned by corporate insiders.

Progressive Trading Down 1.1%

NYSE PGR traded down $2.67 on Tuesday, hitting $243.27. The company's stock had a trading volume of 2,627,728 shares, compared to its average volume of 2,620,588. The firm has a market cap of $142.61 billion, a P/E ratio of 13.71, a PEG ratio of 1.43 and a beta of 0.32. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The company's 50-day simple moving average is $247.56 and its 200 day simple moving average is $265.40. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last announced 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. The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.48 earnings per share. Research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio is presently 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.