The Progressive Corporation (NYSE:PGR) Stock Position Decreased by 12th Street Asset Management Company LLC

Key Points

• 12th Street Asset Management Company LLC has reduced its stake in The Progressive Corporation by 19.4%, now holding approximately 97,938 shares valued at $27.7 million.
• Progressive's latest earnings report showed a net income per share of $4.88, surpassing analysts' estimates of $4.43, with revenue also experiencing a year-over-year increase.
• Analysts have mixed ratings on Progressive, with a consensus rating of "Moderate Buy" and an average price target of $286.88, reflecting a range of opinions on the company's future performance.

12th Street Asset Management Company LLC lowered its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 19.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 97,938 shares of the insurance provider's stock after selling 23,531 shares during the period. Progressive accounts for about 4.7% of 12th Street Asset Management Company LLC's holdings, making the stock its 10th largest holding. 12th Street Asset Management Company LLC's holdings in Progressive were worth $27,717,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Integrated Advisors Network LLC raised its holdings in Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after acquiring an additional 36 shares during the period. Pines Wealth Management LLC grew its position in shares of Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after purchasing an additional 37 shares in the last quarter. Contravisory Investment Management Inc. grew its position in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after purchasing an additional 38 shares in the last quarter. Beacon Financial Group grew its position in Progressive by 1.1% in the first 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 grew its position in Progressive by 2.1% in the first 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. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on PGR. Bank of America dropped their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research report on Thursday, July 17th. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research note on Thursday, July 17th. Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research note on Thursday, July 17th. Finally, Jefferies Financial Group cut their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of "Moderate Buy" and an average price target of $286.88.

Progressive Trading Up 0.1%

PGR opened at $241.66 on Thursday. The stock has a market capitalization of $141.67 billion, a PE ratio of 13.61, a P/E/G ratio of 1.45 and a beta of 0.37. The firm's fifty day moving average price is $261.64 and its 200 day moving average price is $265.97. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99.

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

Progressive Announces Dividend

The company also recently declared a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio is currently 2.25%.

Insider Buying and Selling at Progressive

In other news, insider Karen Bailo sold 8,922 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction dated 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 transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 104,250 shares of company stock valued at $26,332,348. Corporate insiders own 0.34% of the company's stock.

About Progressive

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.

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