Tectonic Advisors LLC Has $7.31 Million Holdings in The Progressive Corporation (NYSE:PGR)

Tectonic Advisors LLC lowered its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 29.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,840 shares of the insurance provider's stock after selling 10,844 shares during the period. Tectonic Advisors LLC's holdings in Progressive were worth $7,313,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Highline Wealth Partners LLC increased its holdings in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its holdings in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP acquired a new stake in Progressive during the 1st quarter worth $28,000. Minot DeBlois Advisors LLC acquired a new stake in Progressive during the 4th quarter worth $28,000. Finally, Garde Capital Inc. acquired a new stake in Progressive during the 1st quarter worth $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In related news, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the transaction, the director owned 12,429 shares in the company, valued at approximately $3,451,160.43. This represents a 16.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the transaction, the insider owned 27,621 shares in the company, valued at approximately $7,191,955.98. This trade represents a 4.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock worth $11,450,948 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of analyst reports. Jefferies Financial Group lowered their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday. UBS Group decreased their price target on shares of Progressive from $291.00 to $280.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Morgan Stanley decreased their price target on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a report on Monday. Finally, Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $284.35.

Progressive Stock Up 0.3%

NYSE:PGR traded up $0.74 on Thursday, hitting $247.20. 4,470,064 shares of the company's stock were exchanged, compared to its average volume of 2,847,233. The firm has a 50-day moving average price of $269.17 and a 200-day moving average price of $265.63. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a 52 week low of $208.13 and a 52 week high of $292.99. The company has a market cap of $144.91 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 1.51 and a beta of 0.37.

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. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period in the previous year, the firm posted $2.48 EPS. The company's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, 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 dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's payout ratio is 2.70%.

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.