Envestnet Portfolio Solutions Inc. Has $4.99 Million Stock Position in The Progressive Corporation $PGR

Envestnet Portfolio Solutions Inc. lowered its holdings in shares of The Progressive Corporation (NYSE:PGR) by 4.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 18,696 shares of the insurance provider’s stock after selling 932 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Progressive were worth $4,989,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Progressive by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock worth $15,289,037,000 after buying an additional 622,590 shares in the last quarter. GQG Partners LLC raised its holdings in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Progressive by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after buying an additional 396,567 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of Progressive during the 1st quarter worth $1,473,180,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.33% of the company’s stock.

Progressive Trading Up 1.8%

Shares of PGR stock opened at $240.54 on Wednesday. The stock has a market cap of $141.01 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.31 and a beta of 0.32. The stock has a 50-day moving average of $245.05 and a 200-day moving average of $259.11. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. 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 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.48 earnings per share. On average, equities research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently commented on PGR. Morgan Stanley lowered their price target on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a report on Monday, September 22nd. Keefe, Bruyette & Woods upped their target price on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a report on Thursday, September 18th. Jefferies Financial Group lowered their target price on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, Barclays set a $271.00 target price on Progressive in a report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $279.63.

Progressive Company 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.