The Progressive Corporation $PGR is Lafayette Investments Inc.'s 3rd Largest Position

Key Points

• Lafayette Investments Inc. reduced its stake in The Progressive Corporation by 1.8%, now holding 89,174 shares, making it the firm's 3rd largest investment position, valued at approximately $23.8 million.
• Insider activity included CFO John P. Sauerland and insider Lori A. Niederst selling significant shares, with total insider sales reaching $31.7 million over the past three months.
• Progressive's stock recently experienced a 2.7% decline in value, with a quarterly earnings miss and an updated consensus price target of $270.40 from various analysts.

Lafayette Investments Inc. decreased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 89,174 shares of the insurance provider's stock after selling 1,605 shares during the period. Progressive accounts for about 4.8% of Lafayette Investments Inc.'s investment portfolio, making the stock its 3rd largest position. Lafayette Investments Inc.'s holdings in Progressive were worth $23,797,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. TruNorth Capital Management LLC raised its position in shares of Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the period. HWG Holdings LP purchased a new stake in Progressive in the 1st quarter worth $28,000. Garde Capital Inc. bought a new stake in Progressive during the first quarter valued at about $33,000. Ransom Advisory Ltd purchased a new position in shares of Progressive in the first quarter valued at about $35,000. Finally, Activest Wealth Management boosted its stake in shares of Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider's stock worth $37,000 after acquiring an additional 127 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Activity at Progressive

In other news, 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 value of $4,153,335.36. Following the completion of the sale, the chief financial officer owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider owned 39,040 shares in the company, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,778 shares of company stock valued at $31,683,756 over the last three months. Corporate insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of several recent analyst reports. Zacks Research downgraded Progressive from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 10th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $301.00 to $303.00 and gave the stock an "overweight" rating in a report on Thursday, October 9th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Wells Fargo & Company reduced their price target on shares of Progressive from $266.00 to $246.00 and set an "equal weight" rating on the stock in a report on Thursday. Finally, Jefferies Financial Group decreased their price target 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. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $270.40.

Progressive Stock Down 2.7%

Shares of NYSE PGR opened at $219.51 on Tuesday. The stock has a market capitalization of $128.68 billion, a price-to-earnings ratio of 12.04, a P/E/G ratio of 1.27 and a beta of 0.32. The Progressive Corporation has a 12-month low of $217.20 and a 12-month high of $292.99. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The firm's 50-day moving average price is $243.23 and its 200-day moving average price is $257.43.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the previous year, the firm earned $3.58 earnings per share. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were given a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.19%.

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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