3Chopt Investment Partners LLC Cuts Position in The Progressive Corporation $PGR

3Chopt Investment Partners LLC reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,138 shares of the insurance provider’s stock after selling 121 shares during the quarter. Progressive accounts for approximately 0.8% of 3Chopt Investment Partners LLC’s portfolio, making the stock its 24th largest holding. 3Chopt Investment Partners LLC’s holdings in Progressive were worth $3,506,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PGR. Brighton Jones LLC raised its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter valued at about $269,000. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Progressive by 15.8% during the 1st quarter. Farther Finance Advisors LLC now owns 6,399 shares of the insurance provider’s stock worth $1,819,000 after purchasing an additional 871 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in shares of Progressive by 60.3% during the 1st quarter. Harbor Capital Advisors Inc. now owns 11,198 shares of the insurance provider’s stock worth $3,169,000 after purchasing an additional 4,213 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares of the company’s stock, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the company’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the sale, the chief financial officer owned 228,024 shares in the company, valued at $56,832,701.76. The trade was a 6.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock worth $31,997,390 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.5%

Shares of Progressive stock opened at $241.90 on Friday. The business has a 50-day moving average of $245.21 and a 200-day moving average of $259.98. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market capitalization of $141.80 billion, a PE ratio of 13.63, a P/E/G ratio of 1.35 and a beta of 0.32. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the prior year, the business posted $2.48 earnings per share. Progressive’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s payout ratio is 2.25%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Evercore ISI dropped their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Citigroup reaffirmed a “buy” rating on shares of Progressive in a research note on Friday, August 29th. JPMorgan Chase & Co. upped their target price on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, Morgan Stanley cut their price objective on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research report on Monday, September 22nd. Seven investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $279.63.

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.