HighTower Trust Services LTA reduced its holdings in The Progressive Co. (NYSE:PGR – Get Rating) by 4.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,709 shares of the insurance provider's stock after selling 1,850 shares during the period. HighTower Trust Services LTA's holdings in Progressive were worth $4,380,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the business. Blume Capital Management Inc. purchased a new stake in Progressive during the first quarter worth $25,000. Cornerstone Advisory LLC purchased a new stake in Progressive during the fourth quarter worth $30,000. Byrne Asset Management LLC purchased a new stake in Progressive during the fourth quarter worth $31,000. Steward Financial Group LLC boosted its holdings in Progressive by 953.3% during the first quarter. Steward Financial Group LLC now owns 316 shares of the insurance provider's stock worth $36,000 after buying an additional 286 shares in the last quarter. Finally, Core Alternative Capital boosted its holdings in Progressive by 1,254.2% during the first quarter. Core Alternative Capital now owns 325 shares of the insurance provider's stock worth $37,000 after buying an additional 301 shares in the last quarter. 85.05% of the stock is owned by hedge funds and other institutional investors.
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Insider Buying and Selling
In related news, insider Patrick K. Callahan sold 19,068 shares of the firm's stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the completion of the sale, the insider now directly owns 13,151 shares in the company, valued at $1,654,001.27. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Andrew J. Quigg sold 3,180 shares of the firm's stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $126.43, for a total transaction of $402,047.40. Following the completion of the sale, the insider now directly owns 24,061 shares in the company, valued at $3,042,032.23. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick K. Callahan sold 19,068 shares of Progressive stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the sale, the insider now owns 13,151 shares of the company's stock, valued at $1,654,001.27. The disclosure for this sale can be found here. 0.37% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
PGR has been the topic of a number of recent analyst reports. Raymond James increased their price target on shares of Progressive from $135.00 to $140.00 and gave the stock an "outperform" rating in a report on Monday, August 29th. Credit Suisse Group increased their price objective on shares of Progressive from $124.00 to $127.00 and gave the company a "neutral" rating in a report on Thursday, August 18th. Morgan Stanley increased their price objective on shares of Progressive from $121.00 to $130.00 and gave the company an "equal weight" rating in a report on Friday, August 19th. MKM Partners increased their price objective on shares of Progressive from $135.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, August 18th. Finally, Jefferies Financial Group increased their price objective on shares of Progressive from $106.00 to $125.00 and gave the company a "hold" rating in a report on Tuesday, July 12th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $118.08.
Progressive Price Performance
Shares of NYSE PGR opened at $116.21 on Friday. The firm has a 50-day simple moving average of $121.86 and a 200-day simple moving average of $116.68. The stock has a market capitalization of $67.97 billion, a price-to-earnings ratio of 83.01, a price-to-earnings-growth ratio of 0.83 and a beta of 0.42. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.42. The Progressive Co. has a 52 week low of $89.35 and a 52 week high of $129.76.
Progressive (NYSE:PGR – Get Rating) last issued its earnings results on Friday, July 15th. The insurance provider reported $0.95 EPS for the quarter, meeting analysts' consensus estimates of $0.95. Progressive had a net margin of 1.79% and a return on equity of 11.52%. The business had revenue of $12.70 billion during the quarter, compared to analysts' expectations of $12.87 billion. On average, equities analysts predict that The Progressive Co. will post 4.94 earnings per share for the current fiscal year.
Progressive Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend is Thursday, October 6th. Progressive's payout ratio is currently 28.57%.
About Progressive
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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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