The Progressive Corporation $PGR Shares Purchased by Chevy Chase Trust Holdings LLC

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in The Progressive Corporation by 0.8% during Q2, owning approximately 0.05% of the company valued at $82.7 million.
• Insiders at Progressive have sold a total of 128,778 shares worth approximately $31.7 million in the last 90 days, leading to a decrease in their ownership of the stock.
• Progressive's recent earnings report showed an EPS of $4.45, missing estimates, with analysts projecting a 14.68 EPS for the current year.

Chevy Chase Trust Holdings LLC grew its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 309,926 shares of the insurance provider's stock after purchasing an additional 2,442 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Progressive worth $82,707,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. TruNorth Capital Management LLC raised its stake in shares of 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 purchasing an additional 63 shares in the last quarter. HWG Holdings LP bought a new position in Progressive in the 1st quarter worth about $28,000. Garde Capital Inc. bought a new position in Progressive in the 1st quarter worth about $33,000. Ransom Advisory Ltd bought a new position in Progressive in the 1st quarter worth about $35,000. Finally, Activest Wealth Management boosted its holdings 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 valued at $37,000 after acquiring an additional 127 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,345 shares of the business's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the transaction, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,778 shares of company stock worth $31,683,756 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PGR. Zacks Research cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a report on Friday, October 10th. BMO Capital Markets reduced their price target on shares of Progressive from $252.00 to $247.00 and set a "market perform" rating for the company in a research report on Thursday. Citigroup reduced their price target on shares of Progressive from $312.00 to $301.38 and set a "buy" rating for the company in a research report on Thursday. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Finally, Jefferies Financial Group cut their target price on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat, Progressive currently has a consensus rating of "Hold" and a consensus target price of $276.96.

Progressive Price Performance

Shares of Progressive stock opened at $221.60 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a fifty-two week low of $217.20 and a fifty-two week high of $292.99. The firm has a fifty day moving average price of $244.15 and a two-hundred day moving average price of $258.46. The company has a market cap of $129.90 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 1.25 and a beta of 0.32.

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

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive's payout ratio is 2.25%.

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.

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