IFC Advisors LLC Sells 125 Shares of The Progressive Corporation $PGR

IFC Advisors LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 4.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,698 shares of the insurance provider’s stock after selling 125 shares during the quarter. IFC Advisors LLC’s holdings in Progressive were worth $720,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Brighton Jones LLC lifted its holdings 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 valued at $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the fourth quarter valued at $269,000. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after acquiring an additional 80 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Progressive by 39.2% during the first quarter. GAMMA Investing LLC now owns 10,763 shares of the insurance provider’s stock valued at $3,046,000 after acquiring an additional 3,029 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Progressive by 0.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 177,377 shares of the insurance provider’s stock valued at $50,200,000 after acquiring an additional 1,524 shares during the period. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PGR shares. BMO Capital Markets set a $252.00 price target on Progressive in a report on Thursday, September 18th. JPMorgan Chase & Co. lifted their price target on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Jefferies Financial Group cut their price target on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating for the company. Finally, Keefe, Bruyette & Woods lifted their price target on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a report on Thursday, September 18th. Seven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $279.63.

Insider Transactions at Progressive

In other news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,045 shares of company stock valued at $31,997,390. 0.33% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of PGR stock opened at $236.27 on Tuesday. The stock has a 50-day moving average price of $245.09 and a 200 day moving average price of $259.24. 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 $138.50 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.33 and a beta of 0.32. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99.

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

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 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.