The Progressive Corporation (NYSE:PGR) Shares Sold by Strata Wealth Advisors LLC

Strata Wealth Advisors LLC lowered its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 6.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,573 shares of the insurance provider's stock after selling 1,343 shares during the quarter. Progressive accounts for about 1.8% of Strata Wealth Advisors LLC's portfolio, making the stock its 9th biggest position. Strata Wealth Advisors LLC's holdings in Progressive were worth $5,822,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PGR. State of Alaska Department of Revenue increased its position in shares of Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after purchasing an additional 1,800 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Progressive by 36.4% during the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its position in shares of Progressive by 498.5% during the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares during the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Progressive during the 1st quarter worth approximately $3,141,000. Finally, Janney Montgomery Scott LLC increased its position in shares of Progressive by 16.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after purchasing an additional 13,231 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

PGR traded up $4.13 during trading on Wednesday, hitting $246.33. The stock had a trading volume of 6,059,726 shares, compared to its average volume of 2,844,303. The company has a 50 day moving average price of $269.97 and a 200-day moving average price of $265.77. The firm has a market cap of $144.40 billion, a price-to-earnings ratio of 16.61, a P/E/G ratio of 1.56 and a beta of 0.37. The Progressive Corporation has a one year low of $208.13 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (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 the consensus estimate 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 predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive's dividend payout ratio is presently 2.70%.

Insider Transactions at Progressive

In other Progressive news, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction on 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 completion of the transaction, the insider directly owned 41,289 shares of the company's stock, valued at $10,750,829.82. The trade was a 8.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.43, for a total value of $958,642.83. Following the completion of the transaction, the director directly owned 12,217 shares of the company's stock, valued at $3,181,673.31. This represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,705 shares of company stock worth $11,450,948. Corporate insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Morgan Stanley reduced 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. UBS Group reduced 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. Jefferies Financial Group reduced their target price on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. lifted their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $284.82.

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.