Stonehage Fleming Financial Services Holdings Ltd Sells 240 Shares of The Progressive Corporation $PGR

Stonehage Fleming Financial Services Holdings Ltd reduced its position in The Progressive Corporation (NYSE:PGR) by 6.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,533 shares of the insurance provider’s stock after selling 240 shares during the quarter. Stonehage Fleming Financial Services Holdings Ltd’s holdings in Progressive were worth $943,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC raised its position in Progressive by 7.8% in the 2nd quarter. Apollon Wealth Management LLC now owns 15,638 shares of the insurance provider’s stock worth $4,173,000 after purchasing an additional 1,130 shares during the period. Natural Investments LLC raised its position in Progressive by 123.5% in the 2nd quarter. Natural Investments LLC now owns 2,041 shares of the insurance provider’s stock worth $544,000 after purchasing an additional 1,128 shares during the period. Richardson Financial Services Inc. raised its position in Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares during the period. Lindenwold Advisors INC raised its position in Progressive by 2.5% in the 2nd quarter. Lindenwold Advisors INC now owns 12,218 shares of the insurance provider’s stock worth $3,260,000 after purchasing an additional 293 shares during the period. Finally, Conning Inc. raised its position in Progressive by 4.6% in the 2nd quarter. Conning Inc. now owns 16,989 shares of the insurance provider’s stock worth $4,534,000 after purchasing an additional 742 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PGR. Jefferies Financial Group reduced their price objective on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Morgan Stanley dropped their target price on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating on the stock in a research note on Monday, September 22nd. UBS Group dropped their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research note on Thursday, September 18th. Finally, JPMorgan Chase & Co. upped their target price on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research note on Thursday. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $279.63.

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 8,922 shares of the firm’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares of the company’s stock, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $240.18 on Friday. The company has a 50 day moving average price of $245.20 and a 200-day moving average price of $259.65. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The stock has a market capitalization of $140.80 billion, a PE ratio of 13.53, a PEG ratio of 1.34 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

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

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.25%.

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.