Parsons Capital Management Inc. RI Sells 1,275 Shares of The Progressive Corporation $PGR

Parsons Capital Management Inc. RI lessened its stake in shares of The Progressive Corporation (NYSE:PGR) by 4.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,014 shares of the insurance provider’s stock after selling 1,275 shares during the period. Parsons Capital Management Inc. RI’s holdings in Progressive were worth $6,942,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Integrated Advisors Network LLC increased its holdings in Progressive by 1.0% during the 1st 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 in the last quarter. Rise Advisors LLC increased its holdings 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 purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC grew its holdings in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after acquiring an additional 37 shares in the last quarter. Contravisory Investment Management Inc. grew its holdings in shares of Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after acquiring an additional 38 shares in the last quarter. Finally, Beacon Financial Group grew its holdings in shares of 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 acquiring an additional 39 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PGR shares. Barclays reduced their target price on Progressive from $287.00 to $281.00 and set an “equal weight” rating for the company in a report on Tuesday, August 19th. Morgan Stanley reduced their target price on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a report on Monday, September 22nd. BMO Capital Markets set a $252.00 target price on Progressive in a report on Thursday, September 18th. Bank of America upped their target price on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a report on Monday. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $265.00 target price (down from $327.00) on shares of Progressive in a report 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $279.63.

Insider Activity

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares in the company, valued at $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Broz sold 1,345 shares of the 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 sale, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. This represents a 4.24% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,045 shares of company stock valued at $31,997,390. 0.34% of the stock is currently owned by corporate insiders.

Progressive Price Performance

Progressive stock opened at $246.73 on Thursday. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The business’s 50 day simple moving average is $245.31 and its 200 day simple moving average is $261.43. The company has a market cap of $144.64 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.38 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the prior year, the business earned $2.48 earnings per share. Progressive’s revenue for the quarter was up 12.1% on a year-over-year basis. Sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

Progressive Company 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.