The Progressive Corporation $PGR Shares Sold by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd has reduced its holdings in The Progressive Corporation by 10.9%, selling 11,300 shares and owning 92,146 shares valued at $26.08 million at the latest reporting period.
• CEO Susan Patricia Griffith sold 30,659 shares of Progressive, leading to a 6.05% decrease in her position, while insider sales over the past ninety days have totaled 139,010 shares.
• Progressive has recently announced a quarterly dividend of $0.10 per share, with an upcoming ex-dividend date on October 2nd, representing an annualized yield of 0.2%.

USS Investment Management Ltd decreased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 10.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 92,146 shares of the insurance provider's stock after selling 11,300 shares during the quarter. USS Investment Management Ltd's holdings in Progressive were worth $26,088,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of PGR. Highline Wealth Partners LLC raised its position in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its holdings in Progressive by 210.0% in the first 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. Minot DeBlois Advisors LLC acquired a new stake in Progressive in the fourth quarter valued at $28,000. HWG Holdings LP acquired a new stake in Progressive in the first quarter valued at $28,000. Finally, Garde Capital Inc. acquired a new stake in Progressive in the first quarter valued at $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on PGR shares. Barclays lowered their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Bank of America upped their target price on Progressive from $344.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday. Keefe, Bruyette & Woods lowered their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. Jefferies Financial Group lowered their target price on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Finally, Wells Fargo & Company decreased their price objective on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research note on Thursday, August 21st. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $284.82.

Insider Transactions at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $337,299.10. Following the completion of the sale, the insider directly owned 31,733 shares in the company, valued at approximately $7,958,001.74. The trade was a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 139,010 shares of company stock worth $34,547,699 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Up 0.9%

NYSE:PGR traded up $2.28 during mid-day trading on Thursday, reaching $248.69. The company's stock had a trading volume of 1,629,934 shares, compared to its average volume of 3,178,729. The company's fifty day simple moving average is $246.91 and its two-hundred day simple moving average is $265.12. 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 twelve month low of $228.54 and a twelve month high of $292.99. The stock has a market cap of $145.78 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.41 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 return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period last year, the company earned $2.48 EPS. The firm's quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is presently 2.25%.

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.