Savant Capital LLC Sells 5,018 Shares of The Progressive Corporation $PGR

Savant Capital LLC reduced its position in shares of The Progressive Corporation (NYSE:PGR) by 31.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,103 shares of the insurance provider’s stock after selling 5,018 shares during the period. Savant Capital LLC’s holdings in Progressive were worth $2,528,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dagco Inc. acquired a new stake in Progressive in the 4th quarter worth $28,000. Ameriflex Group Inc. grew its position in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the last quarter. Entrust Financial LLC acquired a new stake in Progressive in the 4th quarter worth $33,000. Kingdom Financial Group LLC. acquired a new stake in Progressive in the 4th quarter worth $34,000. Finally, Bangor Savings Bank grew its position in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Progressive news, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 3,928 shares of company stock valued at $831,251 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Progressive Trading Down 0.1%

Shares of Progressive stock opened at $190.27 on Monday. The stock has a market capitalization of $111.18 billion, a P/E ratio of 9.67, a price-to-earnings-growth ratio of 5.52 and a beta of 0.28. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a 50-day simple moving average of $199.66 and a 200 day simple moving average of $209.68. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $289.96.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $4.37 EPS. Research analysts expect that The Progressive Corporation will post 16.36 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Analysts Set New Price Targets

Several research firms have issued reports on PGR. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Mizuho reduced their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Roth Mkm set a $235.00 price objective on shares of Progressive in a report on Thursday, February 19th. BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 price objective on shares of Progressive in a report on Monday, February 23rd. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $238.11.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.