The Progressive Corporation (NYSE:PGR) is Annis Gardner Whiting Capital Advisors LLC's 8th Largest Position

Key Points

• Annis Gardner Whiting Capital Advisors LLC reduced its position in The Progressive Corporation by 12.0% in the first quarter, bringing their ownership down to 14,340 shares worth approximately $4,058,000.
• Progressive’s quarterly earnings showed $4.88 earnings per share, exceeding estimates by $0.45, with a revenue of $20.08 billion, which is a 12.1% increase from the previous year.
• Currently, 85.34% of Progressive's stock is owned by institutional investors and hedge funds, reflecting significant institutional interest in the company.

Annis Gardner Whiting Capital Advisors LLC decreased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 12.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 14,340 shares of the insurance provider's stock after selling 1,963 shares during the period. Progressive makes up about 1.7% of Annis Gardner Whiting Capital Advisors LLC's investment portfolio, making the stock its 8th largest position. Annis Gardner Whiting Capital Advisors LLC's holdings in Progressive were worth $4,058,000 as of its most recent SEC filing.

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

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,660 shares of the company'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 owned 506,945 shares in the company, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 16,664 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the sale, the chief financial officer owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,250 shares of company stock worth $26,332,348 in the last three months. Insiders own 0.34% of the company's stock.

Progressive Stock Performance

PGR traded down $2.16 during trading on Thursday, hitting $245.36. The stock had a trading volume of 2,042,363 shares, compared to its average volume of 3,702,400. The company has a 50 day moving average price of $257.56 and a 200-day moving average price of $266.03. The firm has a market cap of $143.83 billion, a price-to-earnings ratio of 13.82, a P/E/G ratio of 1.46 and a beta of 0.33. The Progressive Corporation has a one year low of $214.99 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.29.

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

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PGR. Morgan Stanley cut their price objective on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. BMO Capital Markets dropped their price target on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research note on Friday, July 18th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group lowered their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Finally, Barclays lowered their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $286.88.

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.