The Progressive Co. (NYSE:PGR) Shares Sold by Disciplined Equity Management Inc.

Disciplined Equity Management Inc. lowered its stake in The Progressive Co. (NYSE:PGR) by 7.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,720 shares of the insurance provider’s stock after selling 280 shares during the period. Disciplined Equity Management Inc.’s holdings in Progressive were worth $944,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Compagnie Lombard Odier SCmA boosted its stake in shares of Progressive by 41.7% in the third quarter. Compagnie Lombard Odier SCmA now owns 190,618 shares of the insurance provider’s stock valued at $48,371,000 after buying an additional 56,055 shares in the last quarter. CVA Family Office LLC boosted its stake in shares of Progressive by 10.1% in the third quarter. CVA Family Office LLC now owns 849 shares of the insurance provider’s stock valued at $215,000 after buying an additional 78 shares in the last quarter. CHICAGO TRUST Co NA boosted its stake in shares of Progressive by 3.6% in the third quarter. CHICAGO TRUST Co NA now owns 10,465 shares of the insurance provider’s stock valued at $2,656,000 after buying an additional 365 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Progressive by 98.0% in the third quarter. Exchange Traded Concepts LLC now owns 11,510 shares of the insurance provider’s stock valued at $2,921,000 after buying an additional 5,697 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its stake in shares of Progressive by 5.4% in the third quarter. Ritholtz Wealth Management now owns 7,270 shares of the insurance provider’s stock valued at $1,845,000 after buying an additional 375 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the sale, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Progressive news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now owns 974 shares in the company, valued at $213,383.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the sale, the chief financial officer now owns 302,958 shares of the company’s stock, valued at approximately $64,836,041.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,512 shares of company stock worth $33,912,874. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

Shares of NYSE:PGR opened at $254.09 on Monday. The firm has a market capitalization of $148.82 billion, a PE ratio of 26.01, a P/E/G ratio of 0.69 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The business has a 50-day moving average of $245.20 and a two-hundred day moving average of $222.71. The Progressive Co. has a 12 month low of $142.87 and a 12 month high of $260.46.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue was up 21.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 earnings per share. As a group, research analysts forecast that The Progressive Co. will post 13.07 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is currently 4.09%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Bank of America boosted their target price on Progressive from $309.00 to $319.00 and gave the stock a “buy” rating in a research report on Thursday. Roth Mkm boosted their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. Keefe, Bruyette & Woods boosted their target price on Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley boosted their target price on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $260.53.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.