Penserra Capital Management LLC Sells 1,476 Shares of The Progressive Corporation (NYSE:PGR)

Penserra Capital Management LLC reduced its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 27.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,873 shares of the insurance provider's stock after selling 1,476 shares during the quarter. Penserra Capital Management LLC's holdings in Progressive were worth $1,095,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PGR. Norges Bank acquired a new stake in Progressive in the 4th quarter valued at about $1,843,045,000. GAMMA Investing LLC lifted its holdings in Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after buying an additional 3,038,303 shares in the last quarter. GQG Partners LLC raised its position in shares of Progressive by 67.6% during the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock worth $1,239,143,000 after acquiring an additional 2,085,833 shares during the last quarter. Capital Research Global Investors boosted its holdings in Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after acquiring an additional 1,547,677 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after purchasing an additional 915,643 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 0.5%

PGR stock traded down $1.29 during midday trading on Wednesday, hitting $250.35. 2,533,874 shares of the company's stock were exchanged, compared to its average volume of 2,797,080. The Progressive Corporation has a one year low of $207.50 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $146.76 billion, a PE ratio of 16.88, a price-to-earnings-growth ratio of 1.56 and a beta of 0.37. The stock's fifty day moving average price is $273.46 and its 200-day moving average price is $265.61.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The business had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, July 4th will be issued a $0.10 dividend. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Analyst Ratings Changes

A number of research analysts have issued reports on PGR shares. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Barclays dropped their price target on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday. Jefferies Financial Group reduced their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. UBS Group lowered their target price on shares of Progressive from $291.00 to $280.00 and set a "neutral" rating for the company in a report on Wednesday. Finally, BMO Capital Markets increased their price target on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $285.41.

Insider Buying and Selling

In related news, Director Dyke Kahina Van sold 2,490 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director directly owned 12,429 shares in the company, valued at $3,451,160.43. This trade represents a 16.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the sale, the chief financial officer directly owned 238,024 shares in the company, valued at $65,544,668.88. This represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,705 shares of company stock valued at $11,450,948. 0.34% of the stock is owned by corporate 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.