Convergence Investment Partners LLC Has $271,000 Stock Position in The Progressive Corporation $PGR

Convergence Investment Partners LLC cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 8.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,014 shares of the insurance provider’s stock after selling 99 shares during the quarter. Convergence Investment Partners LLC’s holdings in Progressive were worth $271,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its holdings in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the 4th quarter worth about $269,000. Bison Wealth LLC raised its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its stake in shares of Progressive by 66.9% in the first quarter. Creative Financial Designs Inc. ADV now owns 197 shares of the insurance provider’s stock valued at $56,000 after buying an additional 79 shares during the period. Finally, Transcend Capital Advisors LLC acquired a new stake in Progressive during the first quarter worth about $207,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the sale, the insider directly owned 30,388 shares of the company’s stock, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,500 shares of company stock valued at $14,430,089. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Progressive in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their target price on Progressive from $270.00 to $262.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Citigroup decreased their price target on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research note on Thursday, October 16th. BMO Capital Markets dropped their price objective on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating for the company in a research note on Thursday, October 16th. Finally, Morgan Stanley set a $214.00 target price on shares of Progressive and gave the company an “underweight” rating in a research report on Monday, October 20th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $268.90.

Progressive Stock Performance

NYSE PGR opened at $216.29 on Tuesday. The Progressive Corporation has a 1-year low of $216.10 and a 1-year high of $292.99. The company has a 50 day moving average of $240.48 and a 200-day moving average of $255.91. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The firm has a market cap of $126.79 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.26 and a beta of 0.32.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter last year, the company earned $3.58 earnings per share. On average, equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.19%.

Progressive Profile

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.