The Progressive Corporation (NYSE:PGR) Shares Sold by Woodley Farra Manion Portfolio Management Inc.

Key Points

• Woodley Farra Manion Portfolio Management Inc. reduced its stake in The Progressive Corporation by 4.1%, now holding 365,691 shares, making it their second largest position.
• Progressive's recent earnings report showed an EPS of $4.88, exceeding estimates, with quarterly revenue of $20.08 billion, reflecting a 12.1% increase year-over-year.
• The company declared a dividend of $0.10 per share with a yield of 0.15%, alongside a modest dividend payout ratio of 2.25%.

Woodley Farra Manion Portfolio Management Inc. trimmed its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 4.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,691 shares of the insurance provider's stock after selling 15,476 shares during the period. Progressive accounts for approximately 5.1% of Woodley Farra Manion Portfolio Management Inc.'s holdings, making the stock its 2nd largest position. Woodley Farra Manion Portfolio Management Inc. owned about 0.06% of Progressive worth $103,494,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Highline Wealth Partners LLC increased its stake in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after buying an additional 49 shares in the last quarter. TruNorth Capital Management LLC boosted its holdings in shares of Progressive by 210.0% during 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. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive during the fourth quarter valued at about $28,000. HWG Holdings LP bought a new stake in shares of Progressive in the first quarter worth about $28,000. Finally, Garde Capital Inc. bought a new stake in shares of Progressive in the first quarter worth about $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on PGR. Morgan Stanley reduced their target price on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a report on Thursday, July 17th. Wells Fargo & Company lifted their target price on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Jefferies Financial Group reduced their target price on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Bank of America reduced their target price on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus target price of $286.88.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the sale, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 3,191 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $795,324.84. Following the sale, the insider owned 37,977 shares of the company's stock, valued at approximately $9,465,387.48. This represents a 7.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,250 shares of company stock valued at $26,332,348 in the last ninety days. Corporate insiders own 0.34% of the company's stock.

Progressive Trading Down 0.4%

NYSE PGR traded down $1.06 during trading hours on Friday, hitting $240.98. 3,201,172 shares of the company were exchanged, compared to its average volume of 3,286,200. The stock has a market cap of $141.27 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 1.45 and a beta of 0.37. The stock has a 50-day moving average price of $260.94 and a 200 day moving average price of $266.01. The Progressive Corporation has a 52 week low of $208.13 and a 52 week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations 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 quarter in the prior year, the firm posted $2.48 earnings per share. Analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 15.0%. Progressive's payout ratio 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.