Pitcairn Co. Lowers Position in The Progressive Corporation $PGR

Pitcairn Co. cut its position in shares of The Progressive Corporation (NYSE:PGR) by 16.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,676 shares of the insurance provider’s stock after selling 3,744 shares during the quarter. Pitcairn Co.’s holdings in Progressive were worth $4,984,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Rise Advisors LLC increased its stake in shares of Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after acquiring an additional 36 shares in the last quarter. LRI Investments LLC boosted its stake in Progressive by 13.4% during the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock worth $90,000 after acquiring an additional 40 shares in the last quarter. CVA Family Office LLC grew its holdings in Progressive by 4.2% in the second quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock worth $281,000 after purchasing an additional 42 shares during the period. Bell Investment Advisors Inc increased its stake in shares of Progressive by 20.8% during the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 44 shares in the last quarter. Finally, Maia Wealth LLC lifted its holdings in shares of Progressive by 5.4% during the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after purchasing an additional 44 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the completion of the sale, the insider owned 27,698 shares of the company’s stock, valued at $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Jo Murphy sold 2,218 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the transaction, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 17,673 shares of company stock worth $4,163,005. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of several recent research reports. HSBC set a $259.00 price target on Progressive and gave the stock an “underperform” rating in a research note on Monday, November 17th. BMO Capital Markets set a $256.00 target price on Progressive in a report on Tuesday. Keefe, Bruyette & Woods reduced their price target on Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 8th. Finally, Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $266.40.

Progressive Price Performance

NYSE PGR opened at $234.61 on Friday. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99. The stock has a 50-day moving average of $224.07 and a 200 day moving average of $242.72. The company has a market capitalization of $137.58 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.05 and a beta of 0.36. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the prior year, the company posted $3.58 EPS. On average, sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be issued a $0.10 dividend. The ex-dividend date is Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

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.