Securian Asset Management Inc. Has $8.18 Million Stock Position in The Progressive Corporation $PGR

Securian Asset Management Inc. cut its stake in The Progressive Corporation (NYSE:PGR) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,663 shares of the insurance provider’s stock after selling 383 shares during the period. Securian Asset Management Inc.’s holdings in Progressive were worth $8,183,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PGR. Brighton Jones LLC raised its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive in the 4th quarter worth approximately $269,000. Bison Wealth LLC raised its holdings in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Progressive by 39.2% in the 1st quarter. GAMMA Investing LLC now owns 10,763 shares of the insurance provider’s stock worth $3,046,000 after buying an additional 3,029 shares in the last quarter. Finally, Advisor Resource Council acquired a new position in shares of Progressive in the 1st quarter worth approximately $453,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen Bailo sold 8,922 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at $8,061,917.04. The trade was a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 128,778 shares of company stock worth $31,683,756. Corporate insiders own 0.33% of the company’s stock.

Progressive Stock Down 2.7%

Shares of PGR opened at $219.51 on Tuesday. The firm has a market capitalization of $128.68 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 1.27 and a beta of 0.32. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The business’s fifty day moving average price is $243.23 and its two-hundred day moving average price is $257.43. The Progressive Corporation has a 52 week low of $217.20 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the previous year, the business posted $3.58 earnings per share. On average, analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.19%.

Wall Street Analyst Weigh In

PGR has been the subject of a number of recent research reports. Jefferies Financial Group dropped their target price on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research report on Wednesday, August 13th. Evercore ISI decreased their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. BMO Capital Markets decreased their price target on Progressive from $252.00 to $247.00 and set a “market perform” rating on the stock in a research report on Thursday. Finally, Citigroup decreased their price target on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $270.40.

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.