Triglav Skladi D.O.O. Sells 25,985 Shares of The Progressive Corporation (NYSE:PGR)

Key Points

• Triglav Skladi D.O.O. significantly reduced its holdings in The Progressive Corporation by 90.8%, selling 25,985 shares and retaining only 2,630 shares worth approximately $744,000.
• Insider Karen Bailo sold 8,922 shares for over $2.2 million, marking a 21.62% decrease in her position, while another insider, Patrick K. Callahan, sold 6,232 shares valued at approximately $1.5 million.
• Progressive's latest earnings report revealed earnings per share of $4.88, surpassing expectations, and the company announced a quarterly dividend of $0.10 per share to be paid on October 10th.

Triglav Skladi D.O.O. lowered its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 90.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,630 shares of the insurance provider's stock after selling 25,985 shares during the period. Triglav Skladi D.O.O.'s holdings in Progressive were worth $744,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PGR. Highline Wealth Partners LLC grew its position in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares during the period. TruNorth Capital Management LLC grew its position in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 63 shares during the period. Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the 4th quarter valued at about $28,000. HWG Holdings LP bought a new position in shares of Progressive in the 1st quarter valued at about $28,000. Finally, Garde Capital Inc. bought a new position in shares of Progressive in the 1st quarter valued at about $33,000. Institutional investors own 85.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the subject of a number of analyst reports. Citigroup initiated coverage on shares of Progressive in a research report on Wednesday. They issued a "buy" rating and a $312.00 price objective for the company. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research note on Wednesday. UBS Group cut their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. Evercore ISI cut shares of 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, July 17th. Finally, Barclays cut their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. Ten equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and an average target price of $283.06.

Progressive Price Performance

PGR stock traded up $2.00 during mid-day trading on Thursday, hitting $251.19. The stock had a trading volume of 4,574,102 shares, compared to its average volume of 3,178,978. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The firm has a market capitalization of $147.25 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.47 and a beta of 0.33. The firm has a fifty day simple moving average of $253.79 and a 200 day simple moving average of $266.24.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period last year, the firm earned $2.48 EPS. The business's quarterly revenue was up 12.1% compared to the same quarter last year. As a group, research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is currently 2.25%.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the sale, the insider directly owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the sale, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 104,250 shares of company stock worth $26,332,348. Corporate insiders own 0.34% of the company's stock.

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.