Tectonic Advisors LLC Has $4.81 Million Holdings in The Progressive Corporation $PGR

Key Points

• Tectonic Advisors LLC reduced its stake in The Progressive Corporation by 30.2% during the second quarter, holding $4.81 million worth of shares after selling 7,809 shares.
• The Progressive Corporation reported $4.88 earnings per share, exceeding analyst estimates by $0.45, with a revenue of $20.08 billion for the quarter.
• The company announced a quarterly dividend of $0.10, with a dividend yield of 0.2%, payable on October 10th to investors on record by October 2nd.

Tectonic Advisors LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 30.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,031 shares of the insurance provider's stock after selling 7,809 shares during the period. Tectonic Advisors LLC's holdings in Progressive were worth $4,812,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Integrated Advisors Network LLC grew its stake in shares of Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after purchasing an additional 36 shares during the last quarter. Rise Advisors LLC grew its stake in shares of Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after purchasing an additional 36 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its position in Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after acquiring an additional 39 shares during the last quarter. True North Advisors LLC boosted its position in Progressive by 4.0% during the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock valued at $299,000 after acquiring an additional 41 shares during the last quarter. Finally, GenTrust LLC boosted its position in Progressive by 3.5% during the first quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock valued at $349,000 after acquiring an additional 42 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.3%

PGR opened at $243.07 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The firm has a market capitalization of $142.49 billion, a PE ratio of 13.69, a P/E/G ratio of 1.36 and a beta of 0.32. The company's 50-day moving average is $245.21 and its 200 day moving average is $260.20.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the business posted $2.48 EPS. The firm's revenue was up 12.1% compared to the same quarter last year. As a group, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. Wolfe Research initiated coverage on shares of Progressive in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a research report on Thursday, September 18th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Progressive in a research report on Wednesday. Seven research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, Progressive presently has an average rating of "Hold" and an average price target of $278.63.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 6,420 shares of the company's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Jo Murphy sold 2,218 shares of the company's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares in the company, valued at $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,045 shares of company stock worth $31,997,390 over the last ninety days. Insiders own 0.34% of the company's stock.

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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