Foundations Investment Advisors LLC Has $376,000 Stake in The Progressive Corporation (NYSE:PGR)

Key Points

• Foundations Investment Advisors LLC has reduced its stake in The Progressive Corporation by 51.5%, holding now 1,329 shares valued at approximately $376,000.
• Progressive's most recent quarterly earnings showed an EPS of $4.88, exceeding expectations, and revenue growth of 12.1% year-over-year, totaling $20.08 billion.
• Insiders have sold a total of 104,250 shares of Progressive stock, equating to a value of approximately $26.3 million over the last 90 days.

Foundations Investment Advisors LLC cut its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 51.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,329 shares of the insurance provider's stock after selling 1,413 shares during the period. Foundations Investment Advisors LLC's holdings in Progressive were worth $376,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Northern Trust Corp lifted its stake in shares of Progressive by 13.0% during the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock valued at $1,480,677,000 after acquiring an additional 710,684 shares during the period. Capital Research Global Investors increased its holdings in Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after purchasing an additional 1,547,677 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock valued at $1,433,722,000 after purchasing an additional 915,643 shares during the last quarter. Invesco Ltd. increased its holdings in Progressive by 2.9% in the fourth quarter. Invesco Ltd. now owns 5,521,545 shares of the insurance provider's stock valued at $1,323,018,000 after purchasing an additional 153,044 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Progressive by 6.6% in the fourth quarter. Deutsche Bank AG now owns 5,447,442 shares of the insurance provider's stock valued at $1,305,262,000 after purchasing an additional 337,146 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer directly owned 506,945 shares of the company's stock, valued at $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 3,191 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $795,324.84. Following the completion of the sale, the insider owned 37,977 shares in the company, valued at approximately $9,465,387.48. The trade was a 7.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 104,250 shares of company stock valued at $26,332,348. Company insiders own 0.33% of the company's stock.

Progressive Stock Performance

NYSE PGR traded up $1.09 on Tuesday, reaching $242.67. The stock had a trading volume of 3,362,274 shares, compared to its average volume of 3,276,963. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29. The company has a market cap of $142.26 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33. The firm has a fifty day moving average of $259.50 and a two-hundred day moving average of $266.32. The Progressive Corporation has a 1-year low of $212.27 and a 1-year high of $292.99.

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

Progressive Announces Dividend

The company also recently disclosed a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were paid a dividend of $0.10 per share. This represents a yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio is presently 2.25%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. BMO Capital Markets dropped their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a report on Friday, July 18th. Morgan Stanley lowered their price target on Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Barclays lowered their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a report on Monday, July 7th. Finally, Bank of America lowered their price target on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus target price of $286.88.

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.