S Bank Fund Management Ltd Has $1.15 Million Stock Position in The Progressive Corporation $PGR

Key Points

• S Bank Fund Management Ltd has decreased its holdings in The Progressive Corporation by 26.0%, owning 4,322 shares valued at approximately $1.15 million after selling 1,521 shares in the second quarter.
• Progressive recently reported earnings of $4.45 per share, missing expectations by $0.59, while company revenue reached $21.38 billion, slightly below estimates.
• Insider selling has increased, with notable transactions from executives like CEO Susan Patricia Griffith, who sold 30,659 shares valued at over $7.5 million in September.

S Bank Fund Management Ltd decreased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 26.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,322 shares of the insurance provider's stock after selling 1,521 shares during the period. S Bank Fund Management Ltd's holdings in Progressive were worth $1,153,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Evernest Financial Advisors LLC boosted its position in Progressive by 29.0% during the second quarter. Evernest Financial Advisors LLC now owns 1,202 shares of the insurance provider's stock valued at $321,000 after purchasing an additional 270 shares during the last quarter. Nvest Financial LLC boosted its position in Progressive by 1.5% during the second quarter. Nvest Financial LLC now owns 8,542 shares of the insurance provider's stock valued at $2,280,000 after purchasing an additional 127 shares during the last quarter. Davidson Investment Advisors boosted its position in Progressive by 0.9% during the second quarter. Davidson Investment Advisors now owns 85,657 shares of the insurance provider's stock valued at $22,858,000 after purchasing an additional 767 shares during the last quarter. Rosenberg Matthew Hamilton boosted its position in Progressive by 47.4% during the second quarter. Rosenberg Matthew Hamilton now owns 168 shares of the insurance provider's stock valued at $45,000 after purchasing an additional 54 shares during the last quarter. Finally, Tuttle Capital Management LLC boosted its position in Progressive by 14.8% during the second quarter. Tuttle Capital Management LLC now owns 2,560 shares of the insurance provider's stock valued at $683,000 after purchasing an additional 330 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research reports. Citigroup reissued a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Keefe, Bruyette & Woods raised their target price on Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a report on Thursday, September 18th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Wells Fargo & Company raised their target price on Progressive from $265.00 to $266.00 and gave the company an "equal weight" rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their target price on Progressive from $301.00 to $303.00 and gave the company an "overweight" rating in a report on Thursday, October 9th. Seven investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat.com, Progressive currently has an average rating of "Hold" and a consensus target price of $279.63.

Progressive Trading Down 5.8%

PGR stock opened at $226.36 on Thursday. The Progressive Corporation has a 1-year low of $217.20 and a 1-year high of $292.99. The firm has a market cap of $132.70 billion, a P/E ratio of 12.75, a P/E/G ratio of 1.33 and a beta of 0.32. The business's 50 day moving average is $244.63 and its 200-day moving average is $258.89. 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 released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the prior year, the company posted $3.58 earnings per share. Equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 2,218 shares of the company's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the sale, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares in the company, valued at $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,045 shares of company stock worth $31,997,390. Insiders own 0.34% of the company's stock.

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.

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