The Progressive Co. (NYSE:PGR) Holdings Cut by Standard Family Office LLC

Standard Family Office LLC decreased its stake in The Progressive Co. (NYSE:PGR) by 57.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 583 shares of the insurance provider’s stock after selling 783 shares during the quarter. Standard Family Office LLC’s holdings in The Progressive were worth $56,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Grandview Asset Management LLC purchased a new stake in The Progressive in the 1st quarter worth approximately $29,000. Evolution Wealth Advisors LLC lifted its position in The Progressive by 55.2% in the 1st quarter. Evolution Wealth Advisors LLC now owns 312 shares of the insurance provider’s stock worth $30,000 after buying an additional 111 shares in the last quarter. Sound Income Strategies LLC raised its holdings in shares of The Progressive by 81.5% during the 1st quarter. Sound Income Strategies LLC now owns 354 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 159 shares in the last quarter. CVA Family Office LLC bought a new position in shares of The Progressive during the 1st quarter valued at $34,000. Finally, MBM Wealth Consultants LLC raised its holdings in shares of The Progressive by 191.1% during the 1st quarter. MBM Wealth Consultants LLC now owns 358 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 235 shares in the last quarter. Institutional investors own 81.01% of the company’s stock.

A number of research firms have recently weighed in on PGR. Raymond James restated an “outperform” rating and set a $115.00 price target on shares of The Progressive in a report on Monday, April 26th. Morgan Stanley downgraded shares of The Progressive from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $90.00 to $85.00 in a report on Monday. Finally, Edward Jones upgraded shares of The Progressive from a “hold” rating to a “buy” rating in a report on Thursday, March 18th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. The Progressive presently has a consensus rating of “Hold” and an average target price of $96.31.

In related news, insider Steven Broz sold 1,243 shares of the business’s stock in a transaction that occurred on Monday, April 5th. The shares were sold at an average price of $95.90, for a total transaction of $119,203.70. Following the completion of the transaction, the insider now owns 32,564 shares in the company, valued at $3,122,887.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, March 18th. The shares were sold at an average price of $91.40, for a total transaction of $1,096,800.00. Following the transaction, the chief financial officer now owns 332,721 shares of the company’s stock, valued at approximately $30,410,699.40. The disclosure for this sale can be found here. Insiders have sold a total of 14,488 shares of company stock valued at $1,343,380 over the last three months. 0.37% of the stock is currently owned by insiders.

NYSE PGR opened at $94.02 on Friday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.31. The firm has a market cap of $55.02 billion, a price-to-earnings ratio of 8.56, a price-to-earnings-growth ratio of 2.45 and a beta of 0.46. The stock has a fifty day moving average of $100.05. The Progressive Co. has a 52-week low of $75.00 and a 52-week high of $107.58.

The Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, May 4th. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.72. The Progressive had a net margin of 14.50% and a return on equity of 25.38%. Sell-side analysts forecast that The Progressive Co. will post 5.97 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Stockholders of record on Wednesday, July 7th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, July 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.43%. The Progressive’s dividend payout ratio (DPR) is currently 5.35%.

The Progressive Company Profile

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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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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