The Progressive Corporation (NYSE:PGR) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale lessened its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 7.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 703,819 shares of the insurance provider's stock after selling 58,360 shares during the period. DekaBank Deutsche Girozentrale owned about 0.12% of Progressive worth $194,751,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PGR. Highline Wealth Partners LLC boosted 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 valued at $26,000 after buying an additional 49 shares during the period. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $28,000. HWG Holdings LP bought a new stake in shares of Progressive during the first quarter valued at approximately $28,000. Atala Financial Inc bought a new stake in shares of Progressive during the fourth quarter valued at approximately $32,000. Finally, Garde Capital Inc. bought a new stake in shares of Progressive during the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Down 1.8%

Shares of PGR stock traded down $4.61 during trading hours on Friday, reaching $244.77. 3,182,460 shares of the company's stock were exchanged, compared to its average volume of 2,810,532. The stock's 50 day moving average is $271.50 and its 200-day moving average is $265.58. The company has a market cap of $143.49 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 1.57 and a beta of 0.37. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a fifty-two week low of $208.13 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, July 4th will be given a dividend of $0.10 per share. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's payout ratio is presently 2.70%.

Insider Transactions at Progressive

In related news, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the transaction, the director directly owned 12,429 shares of the company's stock, valued at $3,451,160.43. This represents a 16.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider directly owned 41,289 shares in the company, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock worth $11,450,948 over the last 90 days. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PGR. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Jefferies Financial Group decreased their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. Wells Fargo & Company lifted their price target on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Finally, UBS Group reduced their price objective on shares of Progressive from $291.00 to $280.00 and set a "neutral" rating for the company in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $285.41.

Progressive 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.