The Progressive Corporation (NYSE:PGR) Stock Position Decreased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 0.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,482,492 shares of the insurance provider's stock after selling 9,858 shares during the period. Progressive accounts for approximately 1.3% of Massachusetts Financial Services Co. MA's investment portfolio, making the stock its 11th largest holding. Massachusetts Financial Services Co. MA owned 2.30% of Progressive worth $3,815,680,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC grew its stake in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its stake in shares of 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 in the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the fourth quarter worth $28,000. HWG Holdings LP bought a new position in shares of Progressive in the first quarter worth $28,000. Finally, Atala Financial Inc bought a new position in Progressive during the fourth quarter valued at about $32,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other Progressive news, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the transaction, the insider directly owned 41,289 shares of the company's stock, valued at $10,750,829.82. This represents a 8.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $329,901.46. Following the sale, the insider directly owned 27,621 shares of the company's stock, valued at $7,191,955.98. This trade represents a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,705 shares of company stock worth $11,450,948. Company insiders own 0.34% of the company's stock.

Progressive Stock Down 0.7%

NYSE:PGR traded down $1.74 on Thursday, hitting $244.73. 2,334,370 shares of the company's stock traded hands, compared to its average volume of 2,839,473. 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 1 year low of $208.13 and a 1 year high of $292.99. The firm has a 50-day moving average price of $269.17 and a 200-day moving average price of $265.63. The company has a market cap of $143.46 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 1.51 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results 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. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The company had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the previous year, the business posted $2.48 EPS. The business's revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, July 3rd. This represents a yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Wall Street Analyst Weigh In

PGR has been the subject of several research reports. Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research note on Thursday. UBS Group decreased their target price on Progressive from $291.00 to $280.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. Morgan Stanley decreased their target price on Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a research note on Monday. Finally, BMO Capital Markets raised their target price on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $284.35.

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.