The Progressive Corporation $PGR Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors reduced its Progressive holdings by 16.9% in the second quarter, selling 7,823 shares and retaining 38,391 shares valued at approximately $8.4 million. Institutional investors and hedge funds collectively own 85.34% of the company.
• Progressive reported quarterly earnings of $5.67 per share, exceeding analyst expectations of $4.64, while revenue rose 5% year over year to $23.61 billion. Shares recently traded at $217.46, below the average analyst target of $236.26.
• The company declared a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a 0.2% yield. Insiders sold more than 113,000 shares worth approximately $24.5 million over the past three months, primarily through pre-arranged trading plans.

NewEdge Advisors LLC lessened its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 16.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,391 shares of the insurance provider's stock after selling 7,823 shares during the quarter. NewEdge Advisors LLC's holdings in Progressive were worth $8,387,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PGR. Meeder Asset Management Inc. purchased a new position in shares of Progressive in the 2nd quarter valued at about $26,000. Bard Associates Inc. purchased a new stake in Progressive during the fourth quarter worth approximately $27,000. IMG Wealth Management Inc. acquired a new position in Progressive in the second quarter valued at approximately $26,000. Bogart Wealth LLC boosted 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 purchasing an additional 87 shares in the last quarter. Finally, Kilter Group LLC purchased a new position in Progressive in the second quarter valued at approximately $27,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Up 0.6%

Shares of Progressive stock opened at $217.46 on Friday. The company has a 50-day moving average of $216.68 and a two-hundred day moving average of $208.21. 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. The stock has a market cap of $126.42 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 2.90 and a beta of 0.27.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter last year, the business posted $5.40 earnings per share. Progressive's revenue was up 5.0% compared to the same quarter last year. On average, research analysts anticipate that The Progressive Corporation will post 17.76 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares of the company's stock, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at approximately $106,553,641. This represents a 7.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 113,714 shares of company stock worth $24,466,294 over the last three months. Company insiders own 0.32% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on PGR shares. The Goldman Sachs Group restated a "buy" rating and set a $230.00 price objective on shares of Progressive in a research report on Wednesday, August 19th. Evercore set a $240.00 target price on shares of Progressive in a research report on Friday, July 10th. Wells Fargo & Company lifted their price target on shares of Progressive from $198.00 to $201.00 and gave the stock an "underweight" rating in a research note on Thursday, August 20th. UBS Group boosted their price target on shares of Progressive from $225.00 to $234.00 and gave the company a "neutral" rating in a research report on Thursday, August 27th. Finally, Weiss Ratings upgraded shares of Progressive from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, August 28th. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Progressive currently has an average rating of "Hold" and an average target price of $236.26.

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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