The Progressive Corporation $PGR Shares Sold by Dakota Wealth Management

Key Points

• Dakota Wealth Management has reduced its stake in The Progressive Corporation by 31.5%, selling 40,153 shares during the 2nd quarter, resulting in holdings worth approximately $23.35 million.
• Progressive recently reported $4.88 earnings per share (EPS) for the last quarter, exceeding analysts' expectations and showcasing a 12.1% year-over-year revenue growth.
• The company declared a $0.10 quarterly dividend to be paid on October 10th, representing a yield of 0.2% and a low dividend payout ratio of 2.25%.

Dakota Wealth Management reduced its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 31.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 87,505 shares of the insurance provider's stock after selling 40,153 shares during the period. Dakota Wealth Management's holdings in Progressive were worth $23,351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PGR. Highline Wealth Partners LLC boosted its holdings in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the last quarter. 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 buying an additional 63 shares during the period. HWG Holdings LP purchased a new stake in shares of Progressive during the 1st quarter valued at approximately $28,000. Garde Capital Inc. purchased a new stake in shares of Progressive during the 1st quarter valued at approximately $33,000. Finally, Ransom Advisory Ltd purchased a new stake in shares of Progressive during the 1st quarter valued at approximately $35,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

NYSE PGR opened at $239.89 on Thursday. 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 Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a market capitalization of $140.62 billion, a PE ratio of 13.51, a P/E/G ratio of 1.33 and a beta of 0.32. The company has a fifty day moving average of $245.50 and a two-hundred day moving average of $262.62.

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

Progressive Dividend Announcement

The company also recently declared 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 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

Insider Activity

In related news, insider Patrick K. Callahan sold 6,420 shares of the 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 completion of the transaction, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the sale, the chief executive officer owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 140,045 shares of company stock valued at $34,635,290 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $265.00 price target (down previously from $327.00) on shares of Progressive in a research report on Thursday, September 18th. Keefe, Bruyette & Woods boosted their target price on Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a research report on Thursday, September 18th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research report on Sunday. Evercore ISI lowered 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. Finally, Citigroup reissued a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Six research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, Progressive has an average rating of "Hold" and an average target price of $279.31.

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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