State of Alaska Department of Revenue Sells 2,790 Shares of The Progressive Corporation $PGR

Key Points

• The State of Alaska Department of Revenue sold 2,790 shares of The Progressive Corporation, reducing its holdings by 4.1% to a total of 65,854 shares, valued at approximately $17.57 million.
• Progressive reported $4.88 EPS for the quarter, exceeding expectations, and had a revenue of $20.08 billion, reflecting a 12.1% increase year-over-year.
• Insider trading activity includes CEO Susan Patricia Griffith selling 30,659 shares for around $7.54 million, resulting in a 6.05% decrease in her holdings.

State of Alaska Department of Revenue decreased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 4.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,854 shares of the insurance provider's stock after selling 2,790 shares during the quarter. State of Alaska Department of Revenue's holdings in Progressive were worth $17,573,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Nuveen LLC bought a new stake in Progressive during the 1st quarter valued at approximately $1,473,180,000. GQG Partners LLC lifted its position in shares of Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares during the period. GAMMA Investing LLC lifted its position in shares of Progressive by 39,285.0% in the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after acquiring an additional 3,038,303 shares during the period. C WorldWide Group Holding A S lifted its position in shares of Progressive by 12,110.3% in the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after acquiring an additional 1,238,402 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares during the period. Institutional investors own 85.34% of the company's stock.

Progressive Trading Up 0.5%

PGR stock opened at $243.46 on Friday. The business has a fifty day moving average price of $245.34 and a 200 day moving average price of $262.14. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The stock has a market capitalization of $142.72 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.35 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the firm earned $2.48 EPS. Analysts expect 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. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is 2.25%.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction 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 sale, the chief executive officer directly owned 476,286 shares of the company's stock, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares of the company's stock, valued at $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 140,045 shares of company stock worth $34,635,290. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PGR. Morgan Stanley reduced their price objective on Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a research report on Monday, September 22nd. Citigroup reiterated a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Wolfe Research began coverage on Progressive in a research report on Monday, September 15th. They issued a "peer perform" rating for the company. UBS Group reduced their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Finally, BMO Capital Markets set a $252.00 target price on Progressive in a report on Thursday, September 18th. Six research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $279.31.

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.

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