Securian Asset Management Inc. Sells 383 Shares of The Progressive Corporation $PGR

Securian Asset Management Inc. reduced its stake in The Progressive Corporation (NYSE:PGR) by 1.2% during the 2nd quarter, Holdings Channel reports. The firm owned 30,663 shares of the insurance provider’s stock after selling 383 shares during the period. Securian Asset Management Inc.’s holdings in Progressive were worth $8,183,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. DekaBank Deutsche Girozentrale boosted its position in shares of Progressive by 8.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 762,179 shares of the insurance provider’s stock worth $200,954,000 after purchasing an additional 58,360 shares during the last quarter. Drive Wealth Management LLC raised its stake in Progressive by 12.0% during the 2nd quarter. Drive Wealth Management LLC now owns 2,489 shares of the insurance provider’s stock worth $664,000 after buying an additional 266 shares during the period. Princeton Global Asset Management LLC raised its stake in Progressive by 17.0% during the 2nd quarter. Princeton Global Asset Management LLC now owns 673 shares of the insurance provider’s stock worth $179,000 after buying an additional 98 shares during the period. Mezzasalma Advisors LLC raised its stake in Progressive by 5.6% during the 2nd quarter. Mezzasalma Advisors LLC now owns 9,024 shares of the insurance provider’s stock worth $2,408,000 after buying an additional 475 shares during the period. Finally, Pinnacle Wealth Management LLC acquired a new stake in Progressive during the 2nd quarter worth $2,332,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

PGR opened at $219.51 on Tuesday. The business’s 50-day moving average price is $243.23 and its two-hundred day moving average price is $257.43. The Progressive Corporation has a 1 year low of $217.20 and a 1 year high of $292.99. The company has a market capitalization of $128.68 billion, a price-to-earnings ratio of 12.04, a P/E/G ratio of 1.27 and a beta of 0.32. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last released its quarterly earnings results 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). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same period in the prior year, the business earned $3.58 EPS. Equities analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were given 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 payout ratio is currently 2.19%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PGR. Morgan Stanley set a $214.00 price objective on Progressive and gave the stock an “underweight” rating in a research note on Monday. Barclays dropped their price objective on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research note on Monday. Wolfe Research began coverage on Progressive in a research note on Monday, September 15th. They set a “peer perform” rating on the stock. UBS Group dropped their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Progressive in a research note on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average target price of $270.40.

Insiders Place Their Bets

In related news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The transaction 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 Progressive 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 completion of the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,778 shares of company stock valued at $31,683,756 in the last quarter. 0.33% of the stock is currently owned by corporate 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.