Pegasus Partners Ltd. Cuts Holdings in Progressive Corp (NYSE:PGR)

Pegasus Partners Ltd. reduced its position in Progressive Corp (NYSE:PGR) by 17.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,599 shares of the insurance provider’s stock after selling 5,095 shares during the quarter. Pegasus Partners Ltd.’s holdings in Progressive were worth $1,966,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PGR. Manchester Financial Inc. purchased a new position in shares of Progressive in the 2nd quarter worth $25,000. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Progressive in the 1st quarter worth $26,000. Archford Capital Strategies LLC raised its position in Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 135 shares during the period. Ropes Wealth Advisors LLC purchased a new position in Progressive in the first quarter valued at about $39,000. Finally, Dakota Wealth Management purchased a new position in Progressive in the first quarter valued at about $52,000. 79.14% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have commented on PGR. Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a research report on Monday, May 27th. Wells Fargo & Co reissued a “hold” rating and issued a $81.00 price objective on shares of Progressive in a research report on Wednesday, July 17th. Buckingham Research set a $64.00 price objective on Progressive and gave the company a “hold” rating in a research report on Monday, May 13th. Raymond James raised their price objective on Progressive from $90.00 to $93.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Finally, ValuEngine lowered Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $82.92.

In related news, insider Steven Broz sold 3,000 shares of Progressive stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $81.49, for a total value of $244,470.00. Following the completion of the transaction, the insider now directly owns 15,701 shares in the company, valued at $1,279,474.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 12,000 shares of Progressive stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $81.11, for a total value of $973,320.00. Following the completion of the transaction, the insider now owns 24,867 shares of the company’s stock, valued at $2,016,962.37. The disclosure for this sale can be found here. Insiders sold 69,000 shares of company stock valued at $5,483,115 over the last quarter. Insiders own 0.39% of the company’s stock.

Shares of NYSE PGR traded up $0.77 during midday trading on Friday, reaching $80.60. 2,576,879 shares of the company’s stock were exchanged, compared to its average volume of 2,565,006. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $84.96. The company has a market capitalization of $46.62 billion, a PE ratio of 18.24, a PEG ratio of 2.03 and a beta of 0.66. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.40. The stock’s fifty day moving average price is $81.34.

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

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.50%. Progressive’s dividend payout ratio (DPR) is 9.05%.

Progressive Company Profile

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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