The Progressive Corporation $PGR is Chicago Capital LLC's 9th Largest Position

Key Points

• Chicago Capital LLC reduced its holdings in The Progressive Corporation to 400,333 shares, now representing approximately 2.6% of its investment portfolio and ranking as its 9th largest position.
• Progressive reported $4.88 earnings per share for the quarter, surpassing analysts' expectations, while revenue was 12.1% higher compared to last year, totaling $20.08 billion.
• The firm declared a quarterly dividend of $0.10 per share, with an ex-dividend date of October 2nd, indicating an annualized dividend yield of 0.2%.

Chicago Capital LLC cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 0.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 400,333 shares of the insurance provider's stock after selling 3,722 shares during the quarter. Progressive comprises approximately 2.6% of Chicago Capital LLC's investment portfolio, making the stock its 9th biggest position. Chicago Capital LLC owned 0.07% of Progressive worth $106,833,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PGR. Highline Wealth Partners LLC grew its holdings in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC grew its position in 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 in the last quarter. HWG Holdings LP acquired a new position in Progressive in the 1st quarter valued at about $28,000. Garde Capital Inc. acquired a new position in Progressive in the 1st quarter valued at about $33,000. Finally, Ransom Advisory Ltd acquired a new position in Progressive in the 1st quarter valued at about $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 0.2%

PGR opened at $244.07 on Tuesday. The firm has a market cap of $143.08 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The business's 50 day moving average is $245.32 and its two-hundred day moving average is $261.63. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

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

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is 2.25%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PGR shares. Jefferies Financial Group dropped their target price on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Citigroup reaffirmed a "buy" rating on shares of Progressive in a research report on Friday, August 29th. UBS Group dropped their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. BMO Capital Markets set a $252.00 target price on Progressive in a research report on Thursday, September 18th. Finally, Cantor Fitzgerald raised Progressive to a "hold" rating in a research report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $279.75.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the business's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,045 shares of company stock valued at $31,997,390. 0.33% of the stock is owned by company insiders.

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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