The Progressive Corporation $PGR is Alamar Capital Management LLC’s 3rd Largest Position

Alamar Capital Management LLC trimmed its stake in shares of The Progressive Corporation (NYSE:PGR) by 3.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 23,634 shares of the insurance provider’s stock after selling 749 shares during the quarter. Progressive makes up about 3.4% of Alamar Capital Management LLC’s portfolio, making the stock its 3rd biggest position. Alamar Capital Management LLC’s holdings in Progressive were worth $6,307,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Nuveen LLC purchased a new stake in Progressive in the 1st quarter worth about $1,473,180,000. GQG Partners LLC lifted its stake in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares in the last quarter. C WorldWide Group Holding A S lifted its stake in Progressive by 12,110.3% in the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after acquiring an additional 1,238,402 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares in the last quarter. Finally, Axiom Investors LLC DE purchased a new stake in Progressive in the 1st quarter worth about $194,557,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.9%

Shares of PGR stock opened at $220.52 on Friday. The stock’s 50 day simple moving average is $241.66 and its 200 day simple moving average is $256.70. 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 Progressive Corporation has a twelve month low of $217.20 and a twelve month high of $292.99. The company has a market capitalization of $129.27 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.27 and a beta of 0.32.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the business posted $3.58 earnings per share. As a group, research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s payout ratio is currently 2.19%.

Analysts Set New Price Targets

PGR has been the subject of several research analyst reports. Wells Fargo & Company reduced their price objective on Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Citigroup reduced their price objective on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research note on Thursday, October 16th. Barclays cut their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday. Morgan Stanley set a $214.00 price target on Progressive and gave the stock an “underweight” rating in a research note on Monday. Finally, UBS Group cut their price target on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $270.40.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,778 shares of company stock worth $31,683,756. 0.34% of the stock is currently owned by company insiders.

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.