Parsons Capital Management Inc. RI Decreases Position in Progressive Corp (NYSE:PGR)

Parsons Capital Management Inc. RI decreased its holdings in shares of Progressive Corp (NYSE:PGR) by 6.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,296 shares of the insurance provider’s stock after selling 2,451 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Progressive were worth $2,981,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PGR. Dimensional Fund Advisors LP lifted its stake in shares of Progressive by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,187,539 shares of the insurance provider’s stock valued at $131,969,000 after buying an additional 83,994 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Progressive by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock valued at $450,389,000 after buying an additional 515,706 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Progressive in the 1st quarter worth approximately $236,000. Virtu Financial LLC lifted its stake in Progressive by 12.7% in the 1st quarter. Virtu Financial LLC now owns 12,783 shares of the insurance provider’s stock worth $921,000 after purchasing an additional 1,444 shares in the last quarter. Finally, Ropes Wealth Advisors LLC purchased a new stake in Progressive in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 78.51% of the company’s stock.

Shares of NYSE:PGR traded up $0.79 during trading on Thursday, reaching $76.37. The company had a trading volume of 88,023 shares, compared to its average volume of 2,619,716. The company has a fifty day moving average price of $81.23. The stock has a market cap of $46.20 billion, a PE ratio of 17.28, a P/E/G ratio of 2.01 and a beta of 0.66. Progressive Corp has a 12 month low of $56.71 and a 12 month high of $84.96. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.23. The firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.13 billion. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.19 EPS. As a group, equities research analysts predict that Progressive Corp will post 5.36 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, October 7th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date is Friday, October 4th. Progressive’s payout ratio is 9.05%.

In other news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $78.07, for a total value of $936,840.00. Following the transaction, the chief financial officer now owns 347,815 shares of the company’s stock, valued at approximately $27,153,917.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 3,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $81.49, for a total transaction of $244,470.00. Following the completion of the transaction, the insider now directly owns 15,701 shares in the company, valued at approximately $1,279,474.49. The disclosure for this sale can be found here. Insiders sold a total of 46,500 shares of company stock worth $3,727,890 in the last three months. Insiders own 0.39% of the company’s stock.

Several analysts have issued reports on the stock. Janney Montgomery Scott assumed coverage on shares of Progressive in a research note on Thursday, June 20th. They issued a “neutral” rating and a $59.00 target price on the stock. Wells Fargo & Co reiterated a “hold” rating and issued a $81.00 target price on shares of Progressive in a research note on Thursday. UBS Group increased their target price on shares of Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. B. Riley increased their target price on shares of Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, Buckingham Research set a $64.00 target price on shares of Progressive and gave the stock a “hold” rating in a research note on Monday, May 13th. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Progressive has an average rating of “Buy” and an average price target of $82.92.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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