The Progressive Corporation (NYSE:PGR) Shares Sold by Northern Financial Advisors Inc

Northern Financial Advisors Inc lowered its stake in The Progressive Corporation (NYSE:PGR) by 1.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,764 shares of the insurance provider’s stock after selling 52 shares during the quarter. Northern Financial Advisors Inc’s holdings in Progressive were worth $1,348,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PGR. Brighton Jones LLC increased its stake in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new position in Progressive in the fourth quarter valued at approximately $269,000. Highview Capital Management LLC DE increased its stake in Progressive by 3.2% in the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock valued at $2,645,000 after purchasing an additional 339 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Progressive in the fourth quarter valued at approximately $476,000. Finally, LPL Financial LLC grew its position in shares of Progressive by 21.1% during the fourth quarter. LPL Financial LLC now owns 473,677 shares of the insurance provider’s stock worth $113,498,000 after acquiring an additional 82,404 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of research reports. Bank of America lowered their target price on shares of Progressive from $337.00 to $336.00 and set a “buy” rating on the stock in a research report on Thursday, July 17th. UBS Group lowered their price objective on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a research report on Monday. Wells Fargo & Company lifted their price objective on shares of Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Morgan Stanley reduced their target price on Progressive from $290.00 to $280.00 and set an “equal weight” rating for the company in a report on Monday, July 14th. Finally, Evercore ISI downgraded Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 target price for the company. in a report on Thursday, July 17th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $286.88.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the completion of the sale, the chief financial officer owned 228,024 shares in the company, valued at approximately $60,150,450.96. The trade was a 4.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,490 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the transaction, the director owned 12,429 shares of the company’s stock, valued at approximately $3,451,160.43. This represents a 16.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,972 shares of company stock worth $11,764,581. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.0%

Progressive stock opened at $247.25 on Thursday. The stock has a market cap of $144.94 billion, a PE ratio of 13.93, a P/E/G ratio of 1.49 and a beta of 0.37. The stock has a 50-day moving average price of $265.63 and a 200 day moving average price of $265.85. The Progressive Corporation has a 52 week low of $208.13 and a 52 week high of $292.99. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. During the same quarter in the previous year, the business earned $2.48 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a dividend of $0.10 per share. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive’s payout ratio is currently 2.25%.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.