Curi RMB Capital LLC Sells 29,825 Shares of The Progressive Corporation $PGR

Key Points

• Curi RMB Capital LLC reduced its holdings in The Progressive Corporation (NYSE:PGR) by 18.6%, selling 29,825 shares and now owning 130,563 shares, valued at approximately $36.95 million.
• Insider trades included Lori A. Niederst selling 8,063 shares and CEO Susan Patricia Griffith selling 30,659 shares, reflecting significant decreases in their ownership percentages.
• Progressive recently announced a quarterly dividend of $0.10 per share, with an upcoming payment date of October 10th, representing an annual yield of 0.2%.

Curi RMB Capital LLC decreased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 18.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 130,563 shares of the insurance provider's stock after selling 29,825 shares during the period. Progressive accounts for 0.9% of Curi RMB Capital LLC's investment portfolio, making the stock its 24th biggest holding. Curi RMB Capital LLC's holdings in Progressive were worth $36,951,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. State of Alaska Department of Revenue raised its position in shares of Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after buying an additional 1,800 shares during the last quarter. Belmont Capital LLC bought a new stake in Progressive during the first quarter worth about $580,000. QRG Capital Management Inc. grew its stake in 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 buying an additional 33,864 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its stake 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 valued at $1,431,000 after purchasing an additional 4,212 shares during the last quarter. Finally, Hennessy Advisors Inc. bought a new stake in shares of Progressive during the first quarter valued at approximately $3,141,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were 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 $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,345 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $337,299.10. Following the sale, the insider owned 31,733 shares in the company, valued at approximately $7,958,001.74. The trade was a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,010 shares of company stock valued at $34,547,699 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Down 2.1%

PGR traded down $5.25 during mid-day trading on Friday, hitting $243.76. The stock had a trading volume of 1,690,776 shares, compared to its average volume of 2,637,555. The stock's fifty day simple moving average is $247.98 and its 200-day simple moving average is $265.56. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $142.90 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.42 and a beta of 0.32. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion for 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 business's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the business posted $2.48 earnings per share. As a group, research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently commented on PGR. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. BMO Capital Markets cut their price objective on shares of Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a report on Thursday, August 21st. Jefferies Financial Group cut their price objective 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. Wells Fargo & Company cut their price objective on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a report on Thursday, August 21st. Finally, Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $284.18.

Progressive Company 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.