Trillium Asset Management LLC Has $22.95 Million Holdings in The Progressive Corporation (NYSE:PGR)

Key Points

• Trillium Asset Management LLC reduced its stake in The Progressive Corporation by 5.0%, now owning 81,095 shares valued at approximately $22.95 million.
• Progressive reported an earnings per share of $4.88 for the latest quarter, exceeding estimates, with a revenue of $20.08 billion that was slightly below expectations.
• The company recently declared a $0.10 quarterly dividend to be paid on October 10th, representing an annual yield of 0.2%.

Trillium Asset Management LLC decreased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,095 shares of the insurance provider's stock after selling 4,284 shares during the quarter. Trillium Asset Management LLC's holdings in Progressive were worth $22,951,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Integrated Advisors Network LLC boosted its holdings 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 buying an additional 36 shares during the period. Pines Wealth Management LLC lifted 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 worth $335,000 after acquiring an additional 37 shares in the last quarter. Contravisory Investment Management Inc. lifted 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 worth $549,000 after acquiring an additional 38 shares in the last quarter. Beacon Financial Group lifted its stake in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after acquiring an additional 39 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its stake in Progressive by 2.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the subject of several research analyst reports. Wells Fargo & Company increased their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Jefferies Financial Group reduced their price objective on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research note on Monday. UBS Group reduced their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. BMO Capital Markets reduced their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Finally, Barclays cut their price target on 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 investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $283.06.

Progressive Stock Performance

Shares of PGR stock traded up $2.00 during trading on Thursday, reaching $251.19. The company had a trading volume of 4,574,102 shares, compared to its average volume of 3,262,101. The firm's 50 day simple moving average is $254.36 and its two-hundred day simple moving average is $266.21. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a market capitalization of $147.25 billion, a PE ratio of 14.15, a PEG ratio of 1.43 and a beta of 0.33.

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

Progressive Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the sale, the chief financial officer owned 228,024 shares of the company's stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the sale, the chief executive officer directly owned 506,945 shares in the company, valued at $122,741,523.40. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,250 shares of company stock worth $26,332,348. Insiders own 0.34% of the company's stock.

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.