The Progressive Co. (NYSE:PGR) Shares Sold by Investment Management of Virginia LLC

Investment Management of Virginia LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 14.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,441 shares of the insurance provider’s stock after selling 2,035 shares during the quarter. Investment Management of Virginia LLC’s holdings in The Progressive were worth $1,222,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. National Asset Management Inc. boosted its holdings in The Progressive by 82.6% in the second quarter. National Asset Management Inc. now owns 7,496 shares of the insurance provider’s stock worth $736,000 after purchasing an additional 3,390 shares during the period. River Road Asset Management LLC boosted its holdings in The Progressive by 32.1% in the second quarter. River Road Asset Management LLC now owns 902,677 shares of the insurance provider’s stock worth $88,652,000 after purchasing an additional 219,122 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in The Progressive by 1.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 79,228 shares of the insurance provider’s stock worth $7,781,000 after purchasing an additional 1,067 shares during the period. Principal Financial Group Inc. boosted its holdings in The Progressive by 10.3% in the second quarter. Principal Financial Group Inc. now owns 4,323,130 shares of the insurance provider’s stock worth $424,574,000 after purchasing an additional 402,995 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in The Progressive by 13.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 72,337 shares of the insurance provider’s stock worth $7,104,000 after purchasing an additional 8,357 shares during the period. 82.14% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have commented on PGR. Raymond James decreased their price objective on shares of The Progressive from $115.00 to $105.00 and set an “outperform” rating for the company in a report on Friday, July 16th. Morgan Stanley cut The Progressive from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $90.00 to $85.00 in a research note on Monday, June 7th. Bank of America cut their target price on The Progressive from $127.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday, June 17th. Barclays cut their target price on The Progressive from $86.00 to $84.00 and set an “underweight” rating on the stock in a research note on Friday, July 16th. Finally, Wells Fargo & Company reiterated a “sell” rating on shares of The Progressive in a research note on Thursday, June 17th. Six investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $95.21.

Shares of NYSE PGR traded up $0.43 during midday trading on Wednesday, reaching $93.63. 9,598 shares of the company traded hands, compared to its average volume of 2,834,268. The Progressive Co. has a 52 week low of $84.89 and a 52 week high of $107.58. The stock has a 50-day moving average price of $95.99 and a 200 day moving average price of $96.69. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.35 and a quick ratio of 0.35. The company has a market cap of $54.79 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 3.51 and a beta of 0.46.

The Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.36). The Progressive had a net margin of 12.00% and a return on equity of 23.52%. As a group, analysts expect that The Progressive Co. will post 4.42 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, October 7th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Wednesday, October 6th. The Progressive’s payout ratio is currently 5.35%.

In related news, insider Karen Bailo sold 6,326 shares of The Progressive stock in a transaction dated Thursday, August 19th. The stock was sold at an average price of $95.95, for a total value of $606,979.70. Following the transaction, the insider now owns 32,664 shares of the company’s stock, valued at approximately $3,134,110.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of The Progressive stock in a transaction dated Thursday, August 19th. The stock was sold at an average price of $95.47, for a total value of $1,145,640.00. Following the completion of the transaction, the chief financial officer now directly owns 24,917 shares in the company, valued at approximately $2,378,825.99. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 110,752 shares of company stock worth $10,324,363. 0.37% of the stock is owned by corporate insiders.

About The Progressive

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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