The Progressive Corporation $PGR Shares Sold by Koshinski Asset Management Inc.

Key Points

• Koshinski Asset Management Inc. sold 61.5% of its position in The Progressive Corporation, reducing its holdings to 990 shares valued at approximately $264,000.
• Progressive reported earnings of $4.45 per share for the latest quarter, missing analysts' expectations by $0.59, and had a revenue of $21.38 billion, slightly below the predicted $21.64 billion.
• The company declared a quarterly dividend of $0.10 per share, translating to an annualized dividend of $0.40 and a yield of 0.2%.

Koshinski Asset Management Inc. decreased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 61.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 990 shares of the insurance provider's stock after selling 1,580 shares during the quarter. Koshinski Asset Management Inc.'s holdings in Progressive were worth $264,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. TruNorth Capital Management LLC boosted its stake 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 last quarter. Ransom Advisory Ltd bought a new position in Progressive during the first quarter worth $35,000. Activest Wealth Management lifted its stake in Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider's stock worth $37,000 after purchasing an additional 127 shares during the last quarter. Richardson Financial Services Inc. lifted its stake in Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider's stock worth $37,000 after purchasing an additional 132 shares during the last quarter. Finally, Accent Capital Management LLC bought a new position in Progressive during the first quarter worth $39,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

PGR stock opened at $221.72 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The stock has a market capitalization of $129.97 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.24 and a beta of 0.32. The Progressive Corporation has a 1 year low of $217.20 and a 1 year high of $292.99. The stock's fifty day moving average is $242.81 and its two-hundred day moving average is $257.18.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the previous year, the business posted $3.58 earnings per share. On average, research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were 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 of this dividend was Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is 2.19%.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 128,778 shares of company stock valued at $31,683,756. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the topic of several research analyst reports. Morgan Stanley set a $214.00 price objective on Progressive and gave the stock an "underweight" rating in a research note on Monday. Wolfe Research initiated coverage on Progressive in a research note on Monday, September 15th. They set a "peer perform" rating on the stock. Citigroup reduced their price objective on Progressive from $312.00 to $301.38 and set a "buy" rating on the stock in a research note on Thursday, October 16th. UBS Group reduced their price objective on Progressive from $268.00 to $261.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 8th. Finally, BMO Capital Markets reduced their price objective on Progressive from $252.00 to $247.00 and set a "market perform" rating on the stock in a research note on Thursday, October 16th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Progressive presently has an average rating of "Hold" and an average price target of $270.40.

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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