The Progressive Corporation $PGR Stock Holdings Lessened by Greenleaf Trust

Key Points

• Greenleaf Trust reduced its holdings in The Progressive Corporation by 9.1%, owning 11,351 shares worth approximately $3 million as of the latest filing.
• Progressive posted earnings of $4.88 per share for the quarter, exceeding estimates, but its revenue fell short of expectations at $20.08 billion.
• The company declared a quarterly dividend of $0.10 per share to be paid on October 10th, representing a 0.2% dividend yield.

Greenleaf Trust reduced its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 9.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 11,351 shares of the insurance provider's stock after selling 1,134 shares during the quarter. Greenleaf Trust's holdings in Progressive were worth $3,029,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Highline Wealth Partners LLC lifted its position in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its position in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the last quarter. HWG Holdings LP bought a new stake in Progressive in the 1st quarter valued at about $28,000. Garde Capital Inc. bought a new stake in Progressive in the 1st quarter valued at about $33,000. Finally, Ransom Advisory Ltd bought a new stake in Progressive in the 1st quarter valued at about $35,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

Progressive stock opened at $247.02 on Wednesday. The firm's 50 day simple moving average is $245.32 and its 200-day simple moving average is $261.53. The company has a market cap of $144.81 billion, a P/E ratio of 13.92, 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 current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the firm posted $2.48 earnings per share. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PGR. Wolfe Research assumed coverage on shares of Progressive in a research report on Monday, September 15th. They issued a "peer perform" rating on the stock. Jefferies Financial Group reduced their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research note on Monday, August 11th. BMO Capital Markets set a $252.00 price target on shares of Progressive in a research note on Thursday, September 18th. Barclays reduced 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 note on Tuesday, August 19th. Finally, Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat, Progressive has an average rating of "Hold" and a consensus target price of $279.75.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares of the company's stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock valued at $31,997,390 in the last 90 days. Corporate insiders own 0.33% of the company's stock.

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.

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