Russell Investments Group Ltd. Cuts Stock Holdings in The Progressive Corporation (NYSE:PGR)

Key Points

• Russell Investments Group Ltd. has reduced its stake in The Progressive Corporation by 11.4%, now holding 900,708 shares valued at approximately $254.71 million.
• The Progressive Corporation reported $4.88 earnings per share (EPS) for the quarter, exceeding expectations, with a net margin of 12.66% and a year-over-year revenue increase of 12.1%.
• The firm recently declared a $0.10 quarterly dividend, reflecting an annualized dividend yield of 0.2%.

Russell Investments Group Ltd. cut its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 11.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 900,708 shares of the insurance provider's stock after selling 115,337 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.15% of Progressive worth $254,713,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Highline Wealth Partners LLC lifted its stake in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its stake in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new position in Progressive in the 4th quarter worth approximately $28,000. HWG Holdings LP purchased a new position in Progressive in the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. purchased a new position in Progressive in the 1st quarter worth approximately $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 3,191 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $795,324.84. Following the sale, the insider owned 37,977 shares of the company's stock, valued at approximately $9,465,387.48. This represents a 7.75% decrease in their ownership of the stock. 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 company's stock in a transaction on 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 sale, 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. Insiders have sold 104,250 shares of company stock valued at $26,332,348 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Up 0.8%

NYSE PGR traded up $2.00 on Thursday, reaching $251.19. The stock had a trading volume of 4,574,102 shares, compared to its average volume of 3,262,101. The firm has a market capitalization of $147.25 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 1.43 and a beta of 0.33. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The stock has a fifty day moving average price of $254.36 and a two-hundred day moving average price of $266.21.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) 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 analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.48 earnings per share. As a group, sell-side 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 quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is 2.25%.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research reports. Jefferies Financial Group decreased their target price on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday. Citigroup initiated coverage on shares of Progressive in a research note on Wednesday. They issued a "buy" rating and a $312.00 target price on the stock. Bank of America decreased their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a research note on Thursday, July 17th. Finally, BMO Capital Markets decreased their target price on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research note on Friday, July 18th. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $283.06.

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.