Yousif Capital Management LLC Sells 3,680 Shares of The Progressive Corporation $PGR

Yousif Capital Management LLC lowered its position in The Progressive Corporation (NYSE:PGR) by 5.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 69,975 shares of the insurance provider’s stock after selling 3,680 shares during the period. Yousif Capital Management LLC’s holdings in Progressive were worth $17,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new position in Progressive during the 2nd quarter valued at $33,000. Ransom Advisory Ltd bought a new stake in shares of Progressive during the first quarter worth $35,000. Howard Hughes Medical Institute purchased a new stake in shares of Progressive during the second quarter valued at $34,000. Activest Wealth Management boosted its stake in shares of Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares during the period. Finally, Westside Investment Management Inc. grew its holdings in shares of Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wolfe Research initiated coverage on shares of Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating for the company. Zacks Research lowered Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Bank of America reduced their price objective on Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a report on Tuesday, December 9th. William Blair downgraded Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, The Goldman Sachs Group cut their price target on Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $264.68.

Progressive Trading Up 1.4%

Shares of NYSE:PGR opened at $227.47 on Tuesday. The company has a market capitalization of $133.39 billion, a PE ratio of 12.48, a P/E/G ratio of 1.25 and a beta of 0.36. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The business’s fifty day simple moving average is $222.59 and its 200-day simple moving average is $240.17.

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

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd will be issued 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 Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider directly owned 27,698 shares in the company, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 9,034 shares of company stock worth $2,047,481. Insiders own 0.33% of the company’s stock.

Progressive Profile

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.