Carnegie Investment Counsel Has $76 Million Holdings in The Progressive Corporation $PGR

Carnegie Investment Counsel trimmed its stake in The Progressive Corporation (NYSE:PGR) by 0.8% in the second quarter, Holdings Channel.com reports. The firm owned 284,787 shares of the insurance provider’s stock after selling 2,431 shares during the quarter. Progressive comprises 1.5% of Carnegie Investment Counsel’s portfolio, making the stock its 12th largest holding. Carnegie Investment Counsel’s holdings in Progressive were worth $75,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. TruNorth Capital Management LLC lifted its position in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares in the last quarter. Ransom Advisory Ltd purchased a new stake in shares of Progressive in the first quarter worth approximately $35,000. Activest Wealth Management lifted its position in shares of Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 127 shares in the last quarter. Richardson Financial Services Inc. lifted its position in shares of Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of Progressive in the first quarter worth approximately $39,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PGR shares. Barclays reduced their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday. Raymond James Financial dropped their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Jefferies Financial Group dropped their price objective on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. UBS Group dropped their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods dropped their price objective on Progressive from $270.00 to $262.00 and set a “market perform” rating on the stock in a report on Thursday, October 16th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $270.40.

Progressive Trading Down 0.9%

Shares of PGR stock opened at $220.52 on Friday. The Progressive Corporation has a 12 month low of $217.20 and a 12 month high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $241.66 and its two-hundred day moving average is $256.70. The company has a market cap of $129.27 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.27 and a beta of 0.32.

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

Progressive Dividend Announcement

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

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,778 shares of company stock valued at $31,683,756. 0.34% of the stock is owned by company insiders.

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.