Boyd Watterson Asset Management LLC OH Sells 65 Shares of The Progressive Corporation $PGR

Boyd Watterson Asset Management LLC OH reduced its stake in The Progressive Corporation (NYSE:PGR) by 21.7% during the 2nd quarter, Holdings Channel reports. The firm owned 234 shares of the insurance provider’s stock after selling 65 shares during the period. Boyd Watterson Asset Management LLC OH’s holdings in Progressive were worth $62,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. TruNorth Capital Management LLC lifted its holdings in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 63 shares in the last quarter. Ransom Advisory Ltd bought a new stake in shares of Progressive in the first quarter valued at about $35,000. Activest Wealth Management lifted its holdings 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 valued at $37,000 after purchasing an additional 127 shares in the last quarter. Accent Capital Management LLC bought a new stake in shares of Progressive in the first quarter valued at about $39,000. Finally, Richardson Financial Services Inc. lifted its holdings 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 valued at $37,000 after purchasing an additional 132 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $556,230.04. Following the transaction, the insider owned 45,724 shares of the company’s stock, valued at approximately $11,466,664.72. This represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares in the company, valued at $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 quarter, insiders have sold 58,500 shares of company stock valued at $14,430,089. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

PGR opened at $216.29 on Tuesday. The business’s 50-day simple moving average is $240.48 and its 200 day simple moving average is $255.91. The firm has a market capitalization of $126.79 billion, a PE ratio of 11.86, a PEG ratio of 1.26 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 Progressive Corporation has a 52-week low of $216.10 and a 52-week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results 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). The business had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period last year, the firm earned $3.58 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal 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 dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s payout ratio is 2.19%.

Analyst Ratings Changes

A number of brokerages have recently commented on PGR. BMO Capital Markets cut their price target on Progressive from $252.00 to $247.00 and set a “market perform” rating on the stock in a report on Thursday, October 16th. UBS Group cut their price target on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a report on Wednesday, August 13th. Morgan Stanley set a $214.00 price target on Progressive and gave the company an “underweight” rating in a report on Monday, October 20th. Finally, Wolfe Research began coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $268.90.

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.