Darwin Advisors LLC Sells 685 Shares of Progressive Corp (NYSE:PGR)

Darwin Advisors LLC lessened its stake in Progressive Corp (NYSE:PGR) by 11.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,432 shares of the insurance provider’s stock after selling 685 shares during the quarter. Darwin Advisors LLC’s holdings in Progressive were worth $514,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PGR. Invesco Ltd. raised its holdings in shares of Progressive by 85.2% in the 1st quarter. Invesco Ltd. now owns 5,602,562 shares of the insurance provider’s stock worth $413,692,000 after purchasing an additional 2,578,123 shares during the period. Capital World Investors bought a new stake in shares of Progressive in the 1st quarter worth approximately $156,896,000. FMR LLC raised its holdings in shares of Progressive by 90.9% in the 2nd quarter. FMR LLC now owns 4,115,087 shares of the insurance provider’s stock worth $329,659,000 after purchasing an additional 1,959,785 shares during the period. BlackRock Inc. raised its holdings in shares of Progressive by 1.7% in the 2nd quarter. BlackRock Inc. now owns 43,038,858 shares of the insurance provider’s stock worth $3,447,841,000 after purchasing an additional 733,212 shares during the period. Finally, APG Asset Management N.V. raised its holdings in Progressive by 17.8% during the 1st quarter. APG Asset Management N.V. now owns 3,909,829 shares of the insurance provider’s stock valued at $288,702,000 after acquiring an additional 590,249 shares during the period. 80.93% of the stock is currently owned by institutional investors.

Shares of NYSE:PGR opened at $96.52 on Friday. Progressive Corp has a 52-week low of $62.18 and a 52-week high of $102.05. The firm has a fifty day moving average of $95.15 and a 200 day moving average of $84.87. The firm has a market capitalization of $56.50 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 2.31 and a beta of 0.54. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.44 and a current ratio of 0.44.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.10. Progressive had a net margin of 10.85% and a return on equity of 29.04%. The company had revenue of $10.14 billion during the quarter, compared to analyst estimates of $9.72 billion. During the same period in the previous year, the business earned $1.66 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Progressive Corp will post 6.75 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, October 7th were given a $0.10 dividend. The ex-dividend date was Tuesday, October 6th. This represents a $0.40 annualized dividend and a yield of 0.41%. Progressive’s dividend payout ratio (DPR) is presently 5.95%.

In other Progressive news, insider Michael D. Sieger sold 2,868 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $88.05, for a total transaction of $252,527.40. Following the completion of the sale, the insider now directly owns 60,433 shares in the company, valued at $5,321,125.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CMO M Jeffrey Charney sold 11,955 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $87.70, for a total transaction of $1,048,453.50. Following the sale, the chief marketing officer now owns 129,703 shares of the company’s stock, valued at $11,374,953.10. The disclosure for this sale can be found here. Insiders sold 93,591 shares of company stock valued at $8,725,230 over the last quarter. 0.38% of the stock is owned by company insiders.

A number of equities research analysts have issued reports on the stock. Morgan Stanley cut shares of Progressive from an “overweight” rating to an “equal weight” rating and set a $102.00 target price on the stock. in a report on Thursday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Progressive from $95.00 to $99.00 and gave the company a “buy” rating in a report on Friday, August 21st. Raymond James boosted their target price on shares of Progressive from $100.00 to $110.00 and gave the company a “strong-buy” rating in a report on Monday, September 14th. ValuEngine raised shares of Progressive from a “sell” rating to a “hold” rating in a report on Tuesday, September 1st. Finally, MKM Partners boosted their target price on shares of Progressive from $90.00 to $115.00 in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $90.50.

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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