Focus Partners Advisor Solutions LLC Has $1.16 Million Stake in The Progressive Corporation $PGR

Focus Partners Advisor Solutions LLC decreased its holdings in The Progressive Corporation (NYSE:PGR) by 8.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,361 shares of the insurance provider’s stock after selling 383 shares during the period. Focus Partners Advisor Solutions LLC’s holdings in Progressive were worth $1,162,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of PGR. TruNorth Capital Management LLC raised its stake in Progressive by 210.0% in the 1st 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 acquired a new stake in Progressive in the 1st quarter worth about $35,000. Activest Wealth Management raised its stake in Progressive by 6,350.0% in the 1st 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. raised its stake in Progressive by 1,885.7% in the 2nd 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 acquired a new stake in Progressive in the 1st quarter worth about $39,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Down 1.3%

PGR opened at $216.29 on Tuesday. The Progressive Corporation has a fifty-two week low of $216.10 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The firm has a market capitalization of $126.79 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.26 and a beta of 0.32. The company’s 50 day moving average price is $240.48 and its two-hundred day moving average price is $255.91.

Progressive (NYSE:PGR) last posted its 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). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the firm earned $3.58 earnings per share. As a group, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced 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 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 presently 2.19%.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $325,624.50. Following the sale, the insider directly owned 30,388 shares of the company’s stock, valued at $7,356,934.80. The trade was a 4.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,500 shares of company stock worth $14,430,089. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several analyst reports. Evercore ISI dropped their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Zacks Research cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. UBS Group dropped their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Finally, Citigroup dropped their target price on shares of Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research report on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $268.90.

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.