HBK Sorce Advisory LLC Sells 108 Shares of The Progressive Corporation $PGR

HBK Sorce Advisory LLC trimmed its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,947 shares of the insurance provider’s stock after selling 108 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Progressive were worth $1,053,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PGR. Nuveen LLC bought a new stake in shares of Progressive during the 1st quarter worth about $1,473,180,000. GQG Partners LLC lifted its position in Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares during the last quarter. C WorldWide Group Holding A S boosted its holdings in shares of Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after acquiring an additional 1,238,402 shares during the period. 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. Finally, Axiom Investors LLC DE acquired a new position in shares of Progressive in the first quarter valued at approximately $194,557,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.6%

NYSE:PGR opened at $206.71 on Friday. The Progressive Corporation has a 12 month low of $206.41 and a 12 month high of $292.99. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $121.18 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.19 and a beta of 0.32. The firm has a fifty day simple moving average of $237.97 and a two-hundred day simple moving average of $254.67.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same period in the previous year, the company earned $3.58 earnings per share. Analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders 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 of this dividend was Thursday, October 2nd. Progressive’s dividend payout ratio is presently 2.19%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Bank of America lifted their target price on Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research note on Wednesday, August 13th. Barclays dropped their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. UBS Group cut their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Finally, BMO Capital Markets cut their target price on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating on the stock in a research report on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $268.90.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,345 shares of the business’s 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 transaction, the insider owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 58,500 shares of company stock worth $14,430,089. Corporate insiders own 0.34% of the company’s stock.

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.