The Progressive Corporation $PGR Shares Sold by Cresset Asset Management LLC

Key Points

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Cresset Asset Management LLC lowered its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 16.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,054 shares of the insurance provider's stock after selling 1,930 shares during the period. Cresset Asset Management LLC's holdings in Progressive were worth $2,845,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. State of Alaska Department of Revenue increased its position in shares of Progressive by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after acquiring an additional 1,800 shares in the last quarter. QRG Capital Management Inc. lifted its position in shares of Progressive by 36.4% during the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in shares of Progressive by 498.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Progressive during the first quarter worth $3,141,000. Finally, TCW Group Inc. lifted its position in shares of Progressive by 4.5% during the first quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock worth $3,406,000 after purchasing an additional 523 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 16,664 shares of the business's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the sale, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 3,191 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $795,324.84. Following the completion of the sale, the insider owned 37,977 shares of the company's stock, valued at approximately $9,465,387.48. This trade represents a 7.75% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,313 shares of company stock worth $28,349,549. Company insiders own 0.34% of the company's stock.

Progressive Stock Down 0.0%

Progressive stock opened at $247.05 on Tuesday. The company has a 50-day simple moving average of $252.66 and a 200-day simple moving average of $266.51. The firm has a market capitalization of $144.82 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.46 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.48 earnings per share. As a group, equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup assumed coverage on shares of Progressive in a research report on Wednesday, August 13th. They set a "buy" rating and a $312.00 target price on the stock. BMO Capital Markets reduced their target price on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research report on Friday, July 18th. Evercore ISI cut shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a research report on Thursday, July 17th. UBS Group cut their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Finally, Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $284.88.

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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