Blair William & Co. IL Lowers Stake in Progressive Corp (NYSE:PGR)

Blair William & Co. IL lowered its stake in shares of Progressive Corp (NYSE:PGR) by 9.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,083,083 shares of the insurance provider’s stock after selling 108,996 shares during the quarter. Blair William & Co. IL owned 0.19% of Progressive worth $79,975,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Pinnacle Associates Ltd. raised its position in Progressive by 0.4% in the 4th quarter. Pinnacle Associates Ltd. now owns 35,055 shares of the insurance provider’s stock worth $2,538,000 after purchasing an additional 125 shares during the period. McKinley Carter Wealth Services Inc. raised its position in Progressive by 2.8% in the 1st quarter. McKinley Carter Wealth Services Inc. now owns 5,006 shares of the insurance provider’s stock worth $370,000 after purchasing an additional 136 shares during the period. Heron Financial Group LLC raised its position in Progressive by 2.4% in the 1st quarter. Heron Financial Group LLC now owns 6,248 shares of the insurance provider’s stock worth $503,000 after purchasing an additional 145 shares during the period. Allred Capital Management LLC raised its position in Progressive by 5.6% in the 1st quarter. Allred Capital Management LLC now owns 2,958 shares of the insurance provider’s stock worth $218,000 after purchasing an additional 156 shares during the period. Finally, Cornerstone Advisors Inc. raised its position in Progressive by 5.7% in the 1st quarter. Cornerstone Advisors Inc. now owns 2,943 shares of the insurance provider’s stock worth $217,000 after purchasing an additional 158 shares during the period. Hedge funds and other institutional investors own 78.53% of the company’s stock.

In related news, CFO John P. Sauerland sold 15,000 shares of the business’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $79.12, for a total transaction of $1,186,800.00. Following the sale, the chief financial officer now owns 362,326 shares of the company’s stock, valued at $28,667,233.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 34,468 shares of the business’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $78.73, for a total transaction of $2,713,665.64. Following the sale, the chief executive officer now directly owns 352,462 shares in the company, valued at approximately $27,749,333.26. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.

Shares of PGR traded down $0.30 during trading hours on Friday, reaching $74.72. 2,155,286 shares of the company traded hands, compared to its average volume of 3,553,215. The company’s fifty day moving average price is $77.81 and its two-hundred day moving average price is $75.76. The company has a market capitalization of $43.91 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 2.05 and a beta of 0.52. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.39. Progressive Corp has a 12 month low of $62.18 and a 12 month high of $84.96.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.66. The firm had revenue of $9.87 billion for the quarter, compared to analyst estimates of $10.28 billion. Progressive had a net margin of 9.18% and a return on equity of 26.80%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.83 EPS. On average, analysts expect that Progressive Corp will post 6.1 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, July 7th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Monday, July 6th. Progressive’s payout ratio is 5.95%.

A number of brokerages recently commented on PGR. Piper Sandler decreased their target price on shares of Progressive from $88.00 to $83.00 and set an “overweight” rating on the stock in a research report on Monday, April 6th. Deutsche Bank lifted their target price on shares of Progressive from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. ValuEngine cut shares of Progressive from a “hold” rating to a “sell” rating in a research report on Monday, May 4th. Raymond James raised shares of Progressive from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $85.00 to $90.00 in a report on Friday, April 3rd. Finally, Wells Fargo & Co raised their price target on shares of Progressive from $76.00 to $85.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $83.63.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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