Reinhart Partners LLC. Reduces Holdings in The Progressive Corporation $PGR

Key Points

• Reinhart Partners LLC cut its stake in The Progressive Corporation by 33.1%, selling 9,173 shares and holding 18,552 shares worth approximately $4.95 million as of the latest SEC filing.
• Progressive reported earnings per share of $4.88 for the quarter, surpassing expectations, but its revenue of $20.08 billion was slightly below the consensus estimate of $20.39 billion.
• The company announced a quarterly dividend of $0.10 per share, payable on October 10th, with a current yield of 0.2% and a payout ratio of 2.25%.

Reinhart Partners LLC. lowered its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 33.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 18,552 shares of the insurance provider's stock after selling 9,173 shares during the period. Reinhart Partners LLC.'s holdings in Progressive were worth $4,951,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Integrated Advisors Network LLC increased its position in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after acquiring an additional 36 shares during the last quarter. Rise Advisors LLC increased its holdings in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC boosted its stake in 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 acquiring an additional 37 shares during the last quarter. Contravisory Investment Management Inc. increased its stake in shares of Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the last quarter. Finally, Beacon Financial Group increased its position in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after buying an additional 39 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Up 0.1%

Progressive stock traded up $0.26 during mid-day trading on Friday, reaching $242.26. 4,778,275 shares of the company traded hands, compared to its average volume of 2,433,152. The firm's 50 day moving average price is $245.83 and its 200 day moving average price is $263.34. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $142.02 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 1.38 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results 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 business 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 business's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.48 earnings per share. On average, analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is presently 2.25%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PGR shares. Wolfe Research initiated coverage on Progressive in a research note on Monday, September 15th. They issued a "peer perform" rating on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday. Jefferies Financial Group dropped their target price on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Barclays decreased their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 19th. Finally, Morgan Stanley raised 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. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $279.44.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $556,230.04. Following the transaction, the insider owned 45,724 shares of the company's stock, valued at $11,466,664.72. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,232 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $249.96, for a total transaction of $1,557,750.72. Following the transaction, the insider owned 21,612 shares of the company's stock, valued at approximately $5,402,135.52. This represents a 22.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 130,062 shares of company stock valued at $32,217,635. 0.34% of the stock is currently owned by corporate insiders.

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.