Reinhart Partners LLC. Reduces Stock Position in The Progressive Corporation $PGR

Reinhart Partners LLC. reduced its holdings in The Progressive Corporation (NYSE:PGR) by 26.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,093 shares of the insurance provider’s stock after selling 4,744 shares during the period. Reinhart Partners LLC.’s holdings in Progressive were worth $2,982,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PGR. Dagco Inc. purchased a new position in shares of Progressive in the 4th quarter worth $28,000. Ameriflex Group Inc. grew its stake in shares of 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 buying an additional 65 shares in the last quarter. Entrust Financial LLC purchased a new position in shares of Progressive in the 4th quarter worth $33,000. Kingdom Financial Group LLC. purchased a new position in shares of Progressive in the 4th quarter worth $34,000. Finally, Bangor Savings Bank grew its stake in shares of 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 buying an additional 58 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of Progressive 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 in the company, valued at $115,227. This trade represents a 32.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,928 shares of company stock valued at $831,251 in the last quarter. 0.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PGR. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Progressive in a research note on Friday, May 22nd. UBS Group lifted their price target on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Finally, Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $238.11.

Progressive Price Performance

PGR stock opened at $196.92 on Wednesday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average price of $199.48 and a 200 day moving average price of $209.49. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $289.96. The stock has a market cap of $115.07 billion, a PE ratio of 10.01, a P/E/G ratio of 5.58 and a beta of 0.28.

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

Progressive Dividend Announcement

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

Progressive Profile

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.