Impact Investors Inc Trims Stock Holdings in The Progressive Corporation $PGR

Impact Investors Inc reduced its stake in The Progressive Corporation (NYSE:PGR) by 66.5% during the 1st quarter, Holdings Channel reports. The fund owned 1,222 shares of the insurance provider’s stock after selling 2,426 shares during the period. Impact Investors Inc’s holdings in Progressive were worth $242,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Marino Stram & Associates LLC lifted its holdings in Progressive by 1.8% in the 1st quarter. Marino Stram & Associates LLC now owns 4,238 shares of the insurance provider’s stock valued at $840,000 after purchasing an additional 75 shares in the last quarter. Resonant Capital Advisors LLC grew its holdings in shares of Progressive by 5.1% during the first quarter. Resonant Capital Advisors LLC now owns 26,404 shares of the insurance provider’s stock worth $5,234,000 after buying an additional 1,281 shares in the last quarter. Swedbank AB raised its position in shares of Progressive by 9.5% in the first quarter. Swedbank AB now owns 823,835 shares of the insurance provider’s stock valued at $163,317,000 after buying an additional 71,395 shares during the last quarter. Nvest Financial LLC raised its position in shares of Progressive by 16.3% in the first quarter. Nvest Financial LLC now owns 10,288 shares of the insurance provider’s stock valued at $2,040,000 after buying an additional 1,441 shares during the last quarter. Finally, Kathmere Capital Management LLC lifted its stake in shares of Progressive by 6.8% during the first quarter. Kathmere Capital Management LLC now owns 2,671 shares of the insurance provider’s stock valued at $530,000 after buying an additional 170 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the transaction, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by insiders.

Progressive Price Performance

Progressive stock opened at $232.62 on Thursday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a 50 day moving average price of $205.78 and a 200 day moving average price of $206.70. The company has a market cap of $135.93 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 4.44 and a beta of 0.26.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted $4.37 earnings per share. Sell-side analysts predict that The Progressive Corporation will post 17.26 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is 2.03%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. UBS Group raised their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Weiss Ratings downgraded Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Jefferies Financial Group decreased their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Evercore reaffirmed a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Finally, Bank of America dropped their target price on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday, June 18th. Six investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $236.47.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.