Stonehage Fleming Financial Services Holdings Ltd Reduces Position in The Progressive Corporation $PGR

Stonehage Fleming Financial Services Holdings Ltd lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 6.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,533 shares of the insurance provider’s stock after selling 240 shares during the quarter. Stonehage Fleming Financial Services Holdings Ltd’s holdings in Progressive were worth $943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Highline Wealth Partners LLC boosted its stake in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC boosted its stake 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 worth $26,000 after acquiring an additional 63 shares during the last quarter. HWG Holdings LP purchased a new position in shares of Progressive during the 1st quarter worth $28,000. Garde Capital Inc. purchased a new position in shares of Progressive during the 1st quarter worth $33,000. Finally, Ransom Advisory Ltd purchased a new position in shares of Progressive during the 1st quarter worth $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 2,218 shares of the business’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 $536,977.80. Following the sale, the insider directly owned 43,506 shares in the company, valued at $10,532,802.60. The trade was a 4.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the business’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 completion of the sale, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Down 0.8%

Shares of PGR stock opened at $240.18 on Friday. The stock has a market cap of $140.80 billion, a P/E ratio of 13.53, a PEG ratio of 1.34 and a beta of 0.32. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The company’s fifty day simple moving average is $245.20 and its two-hundred day simple moving average is $259.65.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS 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 analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.48 EPS. Analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 2.25%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. UBS Group lowered their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. Wolfe Research assumed coverage on shares of Progressive in a research note on Monday, September 15th. They set a “peer perform” rating on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. Finally, Jefferies Financial Group lowered their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Seven analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $279.63.

About Progressive

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.