The Progressive Corporation (NYSE:PGR) Holdings Decreased by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP has reduced its stake in The Progressive Corporation by 10.1%, making it the firm's second largest position with a valuation of approximately $4.79 million.
• Progressive reported $4.88 earnings per share for the last quarter, exceeding analysts' expectations, with a revenue increase of 12.1% year-over-year.
• The company has announced a $0.10 dividend per share, representing a yield of 0.15%, which was paid to shareholders on July 11th.

GSA Capital Partners LLP trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 10.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,933 shares of the insurance provider's stock after selling 1,898 shares during the quarter. Progressive accounts for 0.4% of GSA Capital Partners LLP's investment portfolio, making the stock its 2nd largest holding. GSA Capital Partners LLP's holdings in Progressive were worth $4,792,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Integrated Advisors Network LLC boosted its position in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC boosted its position in shares of Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. boosted its position in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after buying an additional 38 shares during the last quarter. Beacon Financial Group boosted its position in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after buying an additional 39 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its position in Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after purchasing an additional 39 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research note on Thursday, July 17th. JPMorgan Chase & Co. upped their price objective on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. 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 note on Monday, July 21st. Finally, Wells Fargo & Company upped their price objective on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and an average target price of $286.88.

Progressive Price Performance

PGR traded down $0.98 during trading on Friday, reaching $241.06. 1,823,254 shares of the company were exchanged, compared to its average volume of 3,275,413. The company's 50-day moving average is $260.94 and its two-hundred day moving average is $266.01. The company has a market cap of $141.32 billion, a price-to-earnings ratio of 13.62, a P/E/G ratio of 1.45 and a beta of 0.37. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99.

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

Progressive Announces Dividend

The firm also recently declared a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 15.0%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,232 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider directly owned 27,844 shares in the company, valued at approximately $6,742,703.04. This represents a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,250 shares of company stock worth $26,332,348. 0.34% of the stock is owned by insiders.

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.