The Progressive Corporation $PGR Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC reduced its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 557,408 shares of the insurance provider's stock after selling 22,851 shares during the period. Progressive comprises approximately 1.9% of Confluence Investment Management LLC's holdings, making the stock its 12th biggest position. Confluence Investment Management LLC owned 0.10% of Progressive worth $121,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of PGR. Bogart Wealth LLC increased its holdings in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after buying an additional 87 shares during the last quarter. Bard Associates Inc. bought a new position in Progressive during the 4th quarter worth approximately $27,000. HHM Wealth Advisors LLC lifted its holdings in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after buying an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive in the 4th quarter worth approximately $29,000. Finally, Axiom Investment Management LLC acquired a new position in shares of Progressive in the 1st quarter worth approximately $31,000. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider directly owned 32,348 shares of the company's stock, valued at $6,880,743.08. The trade was a 20.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the company's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares of the company's stock, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 74,885 shares of company stock valued at $15,880,459. Corporate insiders own 0.32% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PGR shares. BMO Capital Markets dropped their price target on Progressive from $220.00 to $205.00 and set a "market perform" rating on the stock in a research report on Thursday, July 16th. William Blair reiterated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Bank of America dropped their target price on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a report on Thursday, July 16th. UBS Group raised their price target on shares of Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 30th. Finally, Evercore set a $240.00 price objective on shares of Progressive in a research report on Friday, July 10th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of "Hold" and a consensus target price of $236.11.

Progressive Price Performance

Shares of PGR opened at $210.19 on Tuesday. The company has a market cap of $122.82 billion, a P/E ratio of 10.54, a PEG ratio of 2.86 and a beta of 0.27. The stock has a fifty day moving average price of $211.55 and a 200 day moving average price of $206.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is 2.01%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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