The Progressive Co. (NYSE:PGR) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp cut its stake in The Progressive Co. (NYSE:PGR) by 11.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 643,640 shares of the insurance provider’s stock after selling 79,563 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in The Progressive were worth $61,746,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PGR. Grandview Asset Management LLC acquired a new position in shares of The Progressive during the 1st quarter worth approximately $29,000. Evolution Wealth Advisors LLC raised its stake in shares of The Progressive by 55.2% during 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 during the period. Sound Income Strategies LLC raised its stake 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 worth $34,000 after buying an additional 159 shares during the period. CVA Family Office LLC acquired a new position in shares of The Progressive during the 1st quarter worth approximately $34,000. Finally, MBM Wealth Consultants LLC raised its stake 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 worth $34,000 after buying an additional 235 shares during the period. 81.01% of the stock is owned by institutional investors and hedge funds.

In other The Progressive news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $91.40, for a total value of $1,096,800.00. Following the sale, the chief financial officer now owns 332,721 shares of the company’s stock, valued at approximately $30,410,699.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,243 shares of the stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $95.90, for a total value of $119,203.70. Following the completion of the sale, the insider now directly owns 32,564 shares in the company, valued at approximately $3,122,887.60. The disclosure for this sale can be found here. Insiders sold a total of 14,488 shares of company stock worth $1,343,380 in the last ninety days. 0.37% of the stock is owned by corporate insiders.

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

PGR opened at $94.02 on Friday. The business’s 50-day moving average price is $100.05. The Progressive Co. has a 12-month low of $75.00 and a 12-month high of $107.58. The company has a current ratio of 0.38, a quick 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 Progressive (NYSE:PGR) last posted its earnings results on Tuesday, May 4th. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.72. The Progressive had a return on equity of 25.38% and a net margin of 14.50%. On average, research analysts anticipate that The Progressive Co. will post 5.97 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Wednesday, July 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Tuesday, July 6th. The Progressive’s dividend payout ratio 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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