The Progressive Corporation $PGR Shares Sold by Groupe la Francaise

Groupe la Francaise lowered its position in The Progressive Corporation (NYSE:PGR - Free Report) by 95.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,341 shares of the insurance provider's stock after selling 27,187 shares during the quarter. Groupe la Francaise's holdings in Progressive were worth $293,000 as of its most recent SEC filing.

A number of other large 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. IMG Wealth Management Inc. purchased a new stake in Progressive during the 2nd quarter worth about $26,000. Meeder Asset Management Inc. acquired a new position in shares of Progressive during the 2nd quarter worth about $26,000. Bard Associates Inc. acquired a new position in shares of Progressive during the 4th quarter worth about $27,000. Finally, Kilter Group LLC purchased a new position in shares of Progressive in the 2nd quarter valued at about $27,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Bank of America cut their target price on Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research report on Thursday, July 16th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Progressive in a report on Wednesday, August 19th. UBS Group increased their price target on shares of Progressive from $225.00 to $234.00 and gave the company a "neutral" rating in a research note on Thursday, August 27th. The Goldman Sachs Group reissued a "buy" rating and set a $230.00 price objective on shares of Progressive in a report on Wednesday, August 19th. Finally, William Blair restated a "market perform" rating on shares of Progressive in a research report on Wednesday, July 15th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $236.26.

Progressive Stock Performance

Shares of PGR stock opened at $214.67 on Wednesday. The company has a market cap of $124.80 billion, a price-to-earnings ratio of 10.77, a price-to-earnings-growth ratio of 2.92 and a beta of 0.27. The stock has a 50 day simple moving average of $217.48 and a 200-day simple moving average of $207.97. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.71. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $5.40 earnings per share. On average, equities analysts forecast that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is 2.01%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the company'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 transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the transaction, the insider directly owned 42,567 shares of the company's stock, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 113,714 shares of company stock worth $24,466,294. Company insiders own 0.32% of the company's stock.

About Progressive

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.

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