The Progressive Corporation $PGR Shares Sold by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. decreased its stake in The Progressive Corporation by 37.3% during the 2nd quarter, resulting in ownership of 23,286 shares valued at approximately $6.21 million.
• Progressive's stock price has a consensus target of $279.63 with several analysts maintaining a Hold rating, reflecting cautious market sentiment amidst recent price adjustments.
• A quarterly dividend of $0.10 has been declared, with the ex-dividend date set for October 2nd, resulting in an annualized yield of 0.2%.

LGT Fund Management Co Ltd. reduced its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 37.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 23,286 shares of the insurance provider's stock after selling 13,847 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Progressive were worth $6,214,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Quent Capital LLC lifted its holdings in shares of Progressive by 36.4% in the 2nd quarter. Quent Capital LLC now owns 776 shares of the insurance provider's stock worth $207,000 after acquiring an additional 207 shares during the last quarter. 111 Capital acquired a new position in shares of Progressive in the 2nd quarter worth approximately $3,335,000. Impact Investors Inc lifted its holdings in shares of Progressive by 7.6% in the 2nd quarter. Impact Investors Inc now owns 4,366 shares of the insurance provider's stock worth $1,165,000 after acquiring an additional 310 shares during the last quarter. QRG Capital Management Inc. grew its holdings in shares of Progressive by 12.4% in the second quarter. QRG Capital Management Inc. now owns 142,504 shares of the insurance provider's stock valued at $38,029,000 after purchasing an additional 15,678 shares in the last quarter. Finally, Fairvoy Private Wealth LLC grew its holdings in shares of Progressive by 1.1% in the second quarter. Fairvoy Private Wealth LLC now owns 14,154 shares of the insurance provider's stock valued at $3,777,000 after purchasing an additional 156 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PGR shares. Evercore ISI dropped their price objective on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a report on Wednesday. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a report on Thursday, September 18th. Barclays dropped their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a report on Tuesday, August 19th. Finally, Wolfe Research started coverage on shares of Progressive in a report on Monday, September 15th. They issued a "peer perform" rating for the company. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $279.63.

Progressive Stock Up 1.1%

Shares of Progressive stock opened at $246.10 on Friday. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The company has a 50 day moving average of $245.14 and a 200 day moving average of $260.84. 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 company has a market capitalization of $144.27 billion, a P/E ratio of 13.86, a P/E/G ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 previous year, the firm earned $2.48 earnings per share. The firm's quarterly revenue was up 12.1% on a year-over-year basis. As a group, research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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 paid a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is currently 2.25%.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the business's 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 completion of the sale, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 8,922 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the sale, the insider owned 32,346 shares of the company's stock, valued at $8,061,917.04. This represents a 21.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.