The Progressive Corporation $PGR Shares Sold by JLB & Associates Inc.

Key Points

• JLB & Associates Inc. has reduced its stake in The Progressive Corporation by 5.2% in the second quarter, selling 4,482 shares and maintaining 82,162 shares worth approximately $21.9 million.
• Insider transactions show significant sell-offs, with two insiders selling a combined 14,483 shares worth over $3.6 million in recent months.
• Progressive announced a quarterly dividend of $0.10 per share, with a dividend yield of 0.2%, demonstrating ongoing shareholder returns despite market fluctuations.

JLB & Associates Inc. lessened its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 5.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 82,162 shares of the insurance provider's stock after selling 4,482 shares during the quarter. Progressive comprises about 3.1% of JLB & Associates Inc.'s investment portfolio, making the stock its 10th largest position. JLB & Associates Inc.'s holdings in Progressive were worth $21,926,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Presper Financial Architects LLC bought a new stake in Progressive during the 2nd quarter worth about $319,000. LexAurum Advisors LLC acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $463,000. Janney Montgomery Scott LLC grew its position in shares of Progressive by 8.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 100,899 shares of the insurance provider's stock worth $26,926,000 after buying an additional 7,436 shares during the period. Venture Visionary Partners LLC raised its stake in shares of Progressive by 115.1% during the second quarter. Venture Visionary Partners LLC now owns 16,551 shares of the insurance provider's stock worth $4,417,000 after buying an additional 8,858 shares during the last quarter. Finally, Baron Silver Stevens Financial Advisors LLC acquired a new position in Progressive in the second quarter valued at approximately $306,000. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the business's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider owned 15,192 shares of the company's stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock worth $31,997,390 in the last 90 days. 0.33% of the stock is owned by corporate insiders.

Progressive Trading Up 0.2%

Shares of Progressive stock opened at $244.07 on Tuesday. The stock has a market cap of $143.08 billion, a P/E ratio of 13.75, a P/E/G ratio of 1.36 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The business's 50 day moving average is $245.32 and its 200-day moving average is $261.63.

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

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.25%.

Analysts Set New Price Targets

A number of research firms have commented on PGR. UBS Group lowered their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a report on Monday, July 21st. Morgan Stanley cut their price target on Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a research note on Monday, September 22nd. Keefe, Bruyette & Woods lifted their price objective on Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research note on Thursday, September 18th. Barclays cut their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 19th. Finally, Cantor Fitzgerald upgraded Progressive to a "hold" rating in a report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Progressive has an average rating of "Hold" and an average target price of $279.75.

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.

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