The Progressive Corporation $PGR Stake Decreased by James Hambro & Partners LLP

Key Points

• James Hambro & Partners LLP reduced its stake in The Progressive Corporation by 2.1% to 501,506 shares, which constitutes approximately 5.3% of its investment portfolio.
• Progressive's recent quarterly earnings report showed an EPS of $4.88, exceeding estimates, along with a 12.1% year-over-year increase in revenue, totaling $20.08 billion.
• Insiders, including Steven Broz and John Jo Murphy, sold a combined 3,563 shares of Progressive stock on September 19, resulting in a noticeable decrease in their ownership stakes.

James Hambro & Partners LLP reduced its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 2.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 501,506 shares of the insurance provider's stock after selling 10,958 shares during the period. Progressive accounts for about 5.3% of James Hambro & Partners LLP's investment portfolio, making the stock its 8th largest position. James Hambro & Partners LLP owned 0.09% of Progressive worth $133,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. SFM LLC acquired a new stake in Progressive during the 2nd quarter worth approximately $261,000. KG&L Capital Management LLC increased its position in Progressive by 26.8% during the 2nd quarter. KG&L Capital Management LLC now owns 3,064 shares of the insurance provider's stock worth $818,000 after purchasing an additional 647 shares in the last quarter. LVW Advisors LLC increased its position in Progressive by 7.7% during the 2nd quarter. LVW Advisors LLC now owns 1,062 shares of the insurance provider's stock worth $283,000 after purchasing an additional 76 shares in the last quarter. Spirepoint Private Client LLC acquired a new stake in Progressive during the 2nd quarter worth approximately $1,126,000. Finally, ORG Partners LLC grew its position in Progressive by 182.2% in the second quarter. ORG Partners LLC now owns 285 shares of the insurance provider's stock valued at $75,000 after acquiring an additional 184 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR opened at $243.46 on Friday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a market cap of $142.72 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a fifty day moving average of $245.34 and a 200-day moving average of $262.03.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company posted $2.48 earnings per share. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

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

Analyst Ratings Changes

Several brokerages have issued reports on PGR. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research report on Thursday, July 17th. Barclays decreased their price target on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Bank of America decreased their price target on shares of Progressive from $347.00 to $343.00 and set a "buy" rating for the company in a research report on Thursday, September 18th. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research report on Thursday, September 18th. Finally, Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Six investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat.com, Progressive has a consensus rating of "Hold" and a consensus target price of $279.31.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,345 shares of the company's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares of the company's stock, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the business's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,045 shares of company stock valued at $34,635,290. Corporate insiders own 0.34% of the company's stock.

Progressive 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.