Jennison Associates LLC Sells 12,631 Shares of The Progressive Corporation $PGR

Jennison Associates LLC decreased its holdings in The Progressive Corporation (NYSE:PGR) by 0.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,226,560 shares of the insurance provider’s stock after selling 12,631 shares during the quarter. Jennison Associates LLC’s holdings in Progressive were worth $861,040,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider directly owned 30,388 shares in the company, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,500 shares of company stock valued at $14,430,089 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $211.75 on Wednesday. The company’s fifty day moving average price is $239.70 and its 200 day moving average price is $255.48. The Progressive Corporation has a 12 month low of $211.53 and a 12 month 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 $124.13 billion, a P/E ratio of 11.62, a P/E/G ratio of 1.24 and a beta of 0.32.

Progressive (NYSE:PGR) last posted 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 business had revenue of $21.38 billion during the quarter, compared to analyst estimates 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 prior year, the firm posted $3.58 earnings per share. As a group, sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Analyst Ratings Changes

PGR has been the subject of a number of recent research reports. Wolfe Research initiated coverage on shares of Progressive in a report on Monday, September 15th. They issued a “peer perform” rating for the company. The Goldman Sachs Group dropped their target price on shares of Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a report on Monday. Citigroup decreased their price target on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research note on Thursday, October 16th. Bank of America raised their price target on shares of Progressive from $350.00 to $351.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Progressive in a research report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $268.90.

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.