L & S Advisors Inc lowered its stake in shares of Progressive Corp (NYSE:PGR) by 2.5% in the second quarter, Holdings Channel reports. The firm owned 84,237 shares of the insurance provider’s stock after selling 2,188 shares during the period. Progressive comprises about 0.9% of L & S Advisors Inc’s holdings, making the stock its 24th biggest position. L & S Advisors Inc’s holdings in Progressive were worth $6,733,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in PGR. Manchester Financial Inc. bought a new stake in shares of Progressive in the second quarter valued at approximately $25,000. Jackson Grant Investment Advisers Inc. bought a new stake in Progressive during the 1st quarter valued at approximately $26,000. Synovus Financial Corp boosted its position in Progressive by 752.4% during the 2nd quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 316 shares in the last quarter. Archford Capital Strategies LLC boosted its position in Progressive by 49.5% during the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 135 shares in the last quarter. Finally, Mirova bought a new stake in Progressive during the 2nd quarter valued at approximately $43,000. 79.87% of the stock is owned by hedge funds and other institutional investors.
Shares of PGR opened at $72.82 on Friday. The firm has a market cap of $44.51 billion, a PE ratio of 16.48, a P/E/G ratio of 1.92 and a beta of 0.68. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.34. The firm has a fifty day simple moving average of $78.03 and a two-hundred day simple moving average of $77.29. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $84.96.
Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.23. The business had revenue of $9.13 billion during 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 company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.19 EPS. As a group, research analysts forecast that Progressive Corp will post 5.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be paid a dividend of $0.10 per share. 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 0.55%. Progressive’s dividend payout ratio is presently 9.05%.
A number of brokerages have recently commented on PGR. B. Riley boosted their price target on Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $81.00 price objective on shares of Progressive in a research report on Thursday, August 15th. Janney Montgomery Scott began coverage on Progressive in a research report on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price objective on the stock. ValuEngine cut Progressive from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Buckingham Research boosted their target price on shares of Progressive from $74.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Progressive presently has a consensus rating of “Buy” and a consensus price target of $84.08.
In other news, insider John Jo Murphy sold 12,000 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 24,867 shares in the company, valued at approximately $2,016,962.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 22,500 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total value of $1,720,575.00. Following the completion of the sale, the chief executive officer now owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,500 shares of company stock valued at $3,624,855. Company insiders own 0.39% of the company’s stock.
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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