Lountzis Asset Management LLC Sells 6,401 Shares of The Progressive Corporation (NYSE:PGR)

Lountzis Asset Management LLC trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 8.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,454 shares of the insurance provider's stock after selling 6,401 shares during the period. Progressive makes up approximately 7.4% of Lountzis Asset Management LLC's holdings, 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.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC grew its stake in Progressive by 1.0% in the 1st 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 grew its stake in Progressive by 3.0% in the 1st 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. grew its stake in Progressive by 2.0% in the 1st 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 grew its position in shares of Progressive by 1.1% during the 1st 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 in the last quarter. Finally, Kesler Norman & Wride LLC grew its position in shares of Progressive by 1.1% during the 4th 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 in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director owned 12,429 shares in the company, valued at $3,451,160.43. This trade represents a 16.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the completion of the sale, the chief financial officer owned 228,024 shares in the company, valued at $60,150,450.96. This represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,705 shares of company stock valued at $11,450,948. Corporate insiders own 0.34% of the company's stock.

Progressive Price Performance

Shares of NYSE PGR traded down $1.29 during trading hours on Thursday, hitting $249.13. 4,289,710 shares of the stock were exchanged, compared to its average volume of 2,807,988. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $146.04 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.58 and a beta of 0.37. The company's fifty day simple moving average is $272.83 and its two-hundred day simple moving average is $265.51. The Progressive Corporation has a 1-year low of $207.50 and a 1-year high of $292.99.

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

Progressive Dividend Announcement

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

Analyst Upgrades and Downgrades

PGR has been the topic of a number of analyst reports. BMO Capital Markets increased their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. JPMorgan Chase & Co. increased their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Barclays decreased their target price 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. Wells Fargo & Company increased their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Progressive from $288.00 to $290.00 and gave the stock a "market perform" rating in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $285.41.

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.