The Progressive Corporation (NYSE:PGR) Shares Sold by Lountzis Asset Management LLC

Lountzis Asset Management LLC lowered its position in The Progressive Corporation (NYSE:PGR - Free Report) by 8.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,454 shares of the insurance provider's stock after selling 6,401 shares during the quarter. Progressive makes up about 7.4% of Lountzis Asset Management LLC's investment portfolio, making the stock its 2nd largest holding. Lountzis Asset Management LLC's holdings in Progressive were worth $19,532,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PGR. Integrated Advisors Network LLC increased its position 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. Pines Wealth Management LLC increased its position in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after purchasing an additional 37 shares during the last quarter. Contravisory Investment Management Inc. increased its position in shares of Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the last quarter. Beacon Financial Group increased its position in shares of Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after purchasing an additional 39 shares during the last quarter. Finally, Kesler Norman & Wride LLC increased its position in shares of Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock worth $885,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PGR. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. BMO Capital Markets increased their price target on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Barclays reduced their price target on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday. Keefe, Bruyette & Woods increased their price target on shares of Progressive from $288.00 to $290.00 and gave the company a "market perform" rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their price target on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Progressive currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.41.

Insider Buying and Selling

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the sale, the director directly owned 12,429 shares in the company, valued at $3,451,160.43. The trade was a 16.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $263.79, for a total value of $2,637,900.00. Following the sale, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $60,150,450.96. This represents a 4.20% 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 in the last three months. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

Shares of PGR stock opened at $248.80 on Thursday. The stock has a fifty day moving average of $272.83 and a 200 day moving average of $265.51. The Progressive Corporation has a 52 week low of $207.50 and a 52 week high of $292.99. The firm has a market capitalization of $145.85 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 1.59 and a beta of 0.37. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

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

Progressive Dividend Announcement

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

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.