Monetary Management Group Inc. Reduces Position in The Progressive Co. (NYSE:PGR)

Monetary Management Group Inc. trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 34.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,630 shares of the insurance provider’s stock after selling 5,705 shares during the quarter. Monetary Management Group Inc.’s holdings in The Progressive were worth $1,044,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Eudaimonia Partners LLC boosted its stake in The Progressive by 35.7% in the first quarter. Eudaimonia Partners LLC now owns 369 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 97 shares during the period. Hexagon Capital Partners LLC lifted its position in The Progressive by 57.6% in the first quarter. Hexagon Capital Partners LLC now owns 279 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 102 shares during the period. Wesbanco Bank Inc. lifted its position in The Progressive by 0.6% in the second quarter. Wesbanco Bank Inc. now owns 16,444 shares of the insurance provider’s stock worth $1,615,000 after purchasing an additional 105 shares during the period. Beacon Pointe Advisors LLC lifted its position in The Progressive by 4.1% in the first quarter. Beacon Pointe Advisors LLC now owns 2,668 shares of the insurance provider’s stock worth $254,000 after purchasing an additional 106 shares during the period. Finally, MACRO Consulting Group lifted its position in The Progressive by 0.5% in the first quarter. MACRO Consulting Group now owns 20,202 shares of the insurance provider’s stock worth $1,932,000 after purchasing an additional 110 shares during the period. 82.14% of the stock is owned by hedge funds and other institutional investors.

PGR has been the subject of a number of research analyst reports. Bank of America cut their target price on The Progressive from $127.00 to $123.00 and set a “buy” rating for the company in a research report on Thursday, June 17th. Raymond James dropped their price target on The Progressive from $115.00 to $105.00 and set an “outperform” rating on the stock in a report on Friday, July 16th. Morgan Stanley cut The Progressive from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $90.00 to $85.00 in a report on Monday, June 7th. Evercore ISI dropped their price target on The Progressive from $93.00 to $90.00 and set an “in-line” rating on the stock in a report on Tuesday, August 17th. Finally, Wells Fargo & Company reaffirmed a “sell” rating on shares of The Progressive in a report on Thursday, June 17th. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $95.21.

Shares of The Progressive stock traded down $0.21 on Monday, hitting $91.35. 38,240 shares of the company traded hands, compared to its average volume of 2,809,959. The company has a 50-day moving average price of $95.08 and a 200 day moving average price of $96.86. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12-month low of $84.89 and a 12-month high of $107.58. The company has a market cap of $53.45 billion, a PE ratio of 9.86, a PEG ratio of 3.51 and a beta of 0.46.

The Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, August 3rd. The insurance provider reported $0.72 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.36). The Progressive had a net margin of 12.00% and a return on equity of 23.52%. Equities research analysts anticipate that The Progressive Co. will post 4.42 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, October 7th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Wednesday, October 6th. The Progressive’s dividend payout ratio is presently 5.35%.

In other The Progressive news, CEO Susan Patricia Griffith sold 45,000 shares of the company’s stock in a transaction dated Friday, September 17th. The shares were sold at an average price of $92.60, for a total transaction of $4,167,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,311 shares of the company’s stock in a transaction dated Tuesday, September 21st. The shares were sold at an average price of $92.39, for a total transaction of $213,513.29. The disclosure for this sale can be found here. Insiders sold 101,063 shares of company stock valued at $9,460,457 over the last quarter. 0.37% of the stock is currently owned by corporate insiders.

About The Progressive

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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