The Progressive Corporation $PGR Shares Sold by Alamar Capital Management LLC

Key Points

• Alamar Capital Management LLC has reduced its stake in The Progressive Corporation by 4.6%, holding 24,383 shares, which constitutes about 4.1% of the firm's investment portfolio, making it their second-largest position.
• The Progressive Corporation reported a quarterly earnings per share of $4.88, exceeding analysts' expectations of $4.43, and achieved a 12.1% increase in year-over-year revenue.
• The company recently declared a quarterly dividend of $0.10, to be paid on October 10th, with an annualized yield of 0.2%.

Alamar Capital Management LLC decreased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 4.6% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 24,383 shares of the insurance provider's stock after selling 1,172 shares during the period. Progressive makes up about 4.1% of Alamar Capital Management LLC's investment portfolio, making the stock its 2nd largest position. Alamar Capital Management LLC's holdings in Progressive were worth $6,901,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Highline Wealth Partners LLC grew its position in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after buying an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its position in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after buying an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the fourth quarter worth approximately $28,000. HWG Holdings LP acquired a new stake in shares of Progressive during the first quarter worth approximately $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive during the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a research report on Thursday, July 17th. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research note on Wednesday, August 13th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Jefferies Financial Group cut their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $284.18.

Progressive Stock Down 2.1%

NYSE:PGR traded down $5.25 on Friday, hitting $243.76. 1,690,776 shares of the company's stock traded hands, compared to its average volume of 2,637,555. 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 1 year low of $228.54 and a 1 year high of $292.99. The firm has a 50-day moving average price of $247.98 and a 200-day moving average price of $265.58. The company has a market cap of $142.89 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.45 and a beta of 0.32.

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 35.37% and a net margin of 12.66%.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 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 paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's payout ratio is 2.25%.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. The trade was a 6.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the sale, the insider owned 27,844 shares of the company's stock, valued at approximately $6,742,703.04. This represents a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 139,010 shares of company stock worth $34,547,699. Company 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.