Invesco LLC Decreases Position in The Progressive Corporation $PGR

Invesco LLC reduced its stake in The Progressive Corporation (NYSE:PGR) by 11.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,253 shares of the insurance provider’s stock after selling 559 shares during the period. Invesco LLC’s holdings in Progressive were worth $1,135,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Integrated Advisors Network LLC grew its holdings in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock worth $1,078,000 after purchasing an additional 36 shares during the last quarter. Rise Advisors LLC grew its stake in Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC increased its position in Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock worth $335,000 after buying an additional 37 shares during the period. Contravisory Investment Management Inc. increased its position in Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock worth $549,000 after buying an additional 38 shares during the period. Finally, Beacon Financial Group lifted its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after buying an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 0.5%

Shares of Progressive stock opened at $243.46 on Monday. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The business’s fifty day moving average is $245.34 and its two-hundred day moving average is $261.91. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market cap of $142.72 billion, a PE ratio of 13.72, a P/E/G ratio of 1.36 and a beta of 0.32.

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

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio is presently 2.25%.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 130,045 shares of company stock valued at $31,997,390. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the topic of a number of recent research reports. Wolfe Research assumed coverage on shares of Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. UBS Group lowered their price target on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a report on Monday, July 21st. BMO Capital Markets set a $252.00 price objective on shares of Progressive in a research note on Thursday, September 18th. Finally, Bank of America cut their target price on Progressive from $347.00 to $343.00 and set a “buy” rating for the company in a research note on Thursday, September 18th. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $279.31.

Progressive Profile

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.