The Progressive Corporation $PGR Shares Sold by Beverly Hills Private Wealth LLC

Beverly Hills Private Wealth LLC reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 3.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,585 shares of the insurance provider’s stock after selling 329 shares during the quarter. Beverly Hills Private Wealth LLC’s holdings in Progressive were worth $2,825,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock worth $15,289,037,000 after buying an additional 622,590 shares during the period. GQG Partners LLC grew its position in shares of Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after purchasing an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Progressive by 6.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock valued at $1,805,642,000 after purchasing an additional 396,567 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Progressive in the first quarter valued at approximately $1,473,180,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of PGR opened at $225.57 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The company has a market capitalization of $132.23 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.27 and a beta of 0.32. The company’s 50 day simple moving average is $243.73 and its 200 day simple moving average is $257.69. The Progressive Corporation has a 1 year low of $217.20 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the previous year, the company posted $3.58 EPS. On average, sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current 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 paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PGR shares. Evercore ISI lowered their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Citigroup lowered their price target on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. increased their price target on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Finally, Raymond James Financial lowered their price target on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday. Seven research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $274.46.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares of the company’s stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 15,192 shares in the company, 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. Insiders have sold a total of 128,778 shares of company stock valued at $31,683,756 over the last 90 days. 0.33% of the stock is currently owned by insiders.

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.