The Progressive Corporation $PGR Position Trimmed by State of Wyoming

Key Points

• The State of Wyoming reduced its stake in The Progressive Corporation by 51.4%, holding 2,238 shares valued at $633,000 as of its latest SEC filing.
• Progressive's most recent earnings report showed an EPS of $4.88, surpassing expectations of $4.43, with revenues of $20.08 billion.
• The company declared a quarterly dividend of $0.10 per share, to be paid on October 10th, representing an annualized yield of 0.2%.

State of Wyoming reduced its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 51.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,238 shares of the insurance provider's stock after selling 2,364 shares during the quarter. State of Wyoming's holdings in Progressive were worth $633,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Next Century Growth Investors LLC boosted its stake in shares of Progressive by 76.2% during the 1st quarter. Next Century Growth Investors LLC now owns 19,434 shares of the insurance provider's stock valued at $5,500,000 after buying an additional 8,402 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its stake in shares of Progressive by 5.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 38,058 shares of the insurance provider's stock valued at $10,771,000 after buying an additional 1,880 shares during the last quarter. Wealth Preservation Advisors LLC purchased a new position in shares of Progressive during the 1st quarter valued at approximately $457,000. B. Metzler seel. Sohn & Co. AG boosted its stake in shares of Progressive by 14.5% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 45,730 shares of the insurance provider's stock valued at $12,942,000 after buying an additional 5,802 shares during the last quarter. Finally, Transamerica Financial Advisors LLC boosted its stake in shares of Progressive by 2,000.0% during the 1st quarter. Transamerica Financial Advisors LLC now owns 483 shares of the insurance provider's stock valued at $137,000 after buying an additional 460 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Progressive stock traded down $1.23 during midday trading on Tuesday, hitting $245.83. The company's stock had a trading volume of 2,353,143 shares, compared to its average volume of 3,222,724. 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 stock's 50-day moving average price is $249.30 and its 200-day moving average price is $266.09. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a market capitalization of $144.11 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.44 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.48 earnings per share. Analysts anticipate 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 quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider owned 27,844 shares of the company's stock, valued at approximately $6,742,703.04. This trade represents a 18.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider directly owned 32,346 shares in the company, valued at $8,061,917.04. This represents a 21.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,351 shares of company stock worth $27,003,746 in the last three months. Insiders own 0.33% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PGR. Wells Fargo & Company reduced their price objective on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research note on Thursday, August 21st. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research note on Wednesday, August 13th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Citigroup restated a "buy" rating on shares of Progressive in a research note on Friday. Finally, BMO Capital Markets reduced their price objective on Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a research note on Thursday, August 21st. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $284.18.

Progressive Company 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.