Atria Investments Inc Sells 10,073 Shares of The Progressive Corporation $PGR

Atria Investments Inc reduced its position in The Progressive Corporation (NYSE:PGR) by 21.6% during the second quarter, Holdings Channel reports. The institutional investor owned 36,553 shares of the insurance provider’s stock after selling 10,073 shares during the quarter. Atria Investments Inc’s holdings in Progressive were worth $9,755,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PGR. Nuveen LLC bought a new stake in shares of Progressive in the 1st quarter valued at about $1,473,180,000. GQG Partners LLC boosted its holdings in shares of Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. C WorldWide Group Holding A S boosted its holdings in shares of 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 valued at $353,374,000 after buying an additional 1,238,402 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. Finally, Axiom Investors LLC DE bought a new stake in shares of Progressive in the 1st quarter valued at about $194,557,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

PGR opened at $206.71 on Friday. The Progressive Corporation has a 12-month low of $206.41 and a 12-month high of $292.99. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $121.18 billion, a PE ratio of 11.34, a P/E/G ratio of 1.19 and a beta of 0.32. The firm has a 50 day moving average of $237.97 and a two-hundred day moving average of $254.67.

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 the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period last year, the firm earned $3.58 earnings per share. On average, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on PGR. Weiss Ratings reiterated a “buy (b)” rating on shares of Progressive in a research note on Wednesday, October 8th. Barclays lowered their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. Wolfe Research began coverage on shares of Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Finally, Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Eight research 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’s stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $268.90.

Insider Activity

In other news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $556,230.04. Following the completion of the transaction, the insider directly owned 45,724 shares of the company’s stock, valued at $11,466,664.72. The trade was a 4.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction that occurred 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 transaction, the insider directly owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 58,500 shares of company stock worth $14,430,089. 0.34% of the stock is currently owned by corporate 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.