Alamar Capital Management LLC Sells 1,172 Shares of The Progressive Corporation $PGR

Alamar Capital Management LLC reduced its holdings in The Progressive Corporation (NYSE:PGR) by 4.6% during the first quarter, Holdings Channel reports. The firm owned 24,383 shares of the insurance provider’s stock after selling 1,172 shares during the period. Progressive makes up 4.1% of Alamar Capital Management LLC’s portfolio, making the stock its 2nd largest holding. Alamar Capital Management LLC’s holdings in Progressive were worth $6,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the business. Highline Wealth Partners LLC boosted its holdings 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 period. TruNorth Capital Management LLC boosted its stake in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new stake in Progressive during the 4th quarter worth approximately $28,000. HWG Holdings LP acquired a new stake in shares of Progressive in the first quarter valued at approximately $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive during the first quarter worth $33,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Up 0.4%

Shares of NYSE PGR opened at $247.03 on Monday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. 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 company has a market capitalization of $144.81 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.44 and a beta of 0.32. The business has a 50-day moving average of $249.69 and a two-hundred day moving average of $266.20.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share 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 business had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. During the same quarter in the prior year, the firm posted $2.48 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. On average, analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.25%.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,232 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $249.96, for a total value of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares of the company’s stock, valued at approximately $5,402,135.52. This trade represents a 22.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $2,017,201.34. Following the transaction, the insider owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,351 shares of company stock valued at $27,003,746 over the last three months. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on PGR. Keefe, Bruyette & Woods lowered their target price on Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a research note on Thursday, July 17th. Morgan Stanley raised their target price on Progressive from $265.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Friday, August 22nd. Cantor Fitzgerald raised Progressive to a “hold” rating in a report on Wednesday, August 13th. Citigroup restated a “buy” rating on shares of Progressive in a research report on Friday. Finally, BMO Capital Markets lowered their target price on Progressive from $281.00 to $279.00 and set an “outperform” rating on the stock in a report on Thursday, August 21st. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $284.18.

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.