The Progressive Corporation $PGR Shares Sold by Nepc LLC

Key Points

• Nepc LLC reduced its stake in The Progressive Corporation by 8.0% during the 1st quarter, leaving it with 72,380 shares worth approximately $20.48 million.
• The Progressive Corporation reported $4.88 EPS for Q2, surpassing expectations, while quarterly revenue increased by 12.1% year-over-year.
• Progressive announced a quarterly dividend of $0.10 per share, with a yield of 0.2%, set to be paid on October 10th.

Nepc LLC lowered its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 8.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,380 shares of the insurance provider's stock after selling 6,260 shares during the quarter. Progressive comprises approximately 0.6% of Nepc LLC's investment portfolio, making the stock its 24th largest holding. Nepc LLC's holdings in Progressive were worth $20,484,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC increased its holdings in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new position in Progressive in the 4th quarter worth approximately $269,000. Highview Capital Management LLC DE increased its holdings in Progressive by 3.2% in the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after buying an additional 339 shares during the period. Bison Wealth LLC boosted its position in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after purchasing an additional 80 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Progressive by 2.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 80,052 shares of the insurance provider's stock worth $19,126,000 after purchasing an additional 2,132 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Down 1.1%

Shares of NYSE:PGR opened at $243.27 on Wednesday. The business has a 50-day moving average price of $247.14 and a 200 day moving average price of $265.25. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $142.61 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.43 and a beta of 0.32. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the company earned $2.48 EPS. Sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is 2.25%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent analyst reports. Citigroup reiterated a "buy" rating on shares of Progressive in a research report on Friday, August 29th. BMO Capital Markets reduced their price objective on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research note on Thursday, August 21st. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Cantor Fitzgerald raised Progressive to a "hold" rating in a research note on Wednesday, August 13th. Finally, Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research note on Thursday, July 17th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $284.18.

Insider Activity at Progressive

In related news, insider Karen Bailo sold 8,922 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider directly owned 32,346 shares in the company, valued at $8,061,917.04. This trade represents a 21.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 6,232 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider owned 27,844 shares of the company's stock, valued at $6,742,703.04. This trade represents a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,010 shares of company stock worth $34,547,699 over the last ninety days. Company insiders own 0.33% of the company's stock.

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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