Jag Capital Management LLC Sells 15,702 Shares of Progressive Corp (NYSE:PGR)

Jag Capital Management LLC reduced its position in Progressive Corp (NYSE:PGR) by 6.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 219,900 shares of the insurance provider’s stock after selling 15,702 shares during the quarter. Progressive comprises about 2.1% of Jag Capital Management LLC’s portfolio, making the stock its 18th largest position. Jag Capital Management LLC’s holdings in Progressive were worth $16,987,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Manchester Financial Inc. acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $25,000. First Financial Corp IN acquired a new stake in shares of Progressive in the 3rd quarter valued at approximately $25,000. Synovus Financial Corp boosted its stake in shares of Progressive by 752.4% in the 2nd quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 316 shares in the last quarter. Archford Capital Strategies LLC boosted its stake in shares of Progressive by 49.5% in the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 135 shares in the last quarter. Finally, Mirova acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $43,000. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:PGR opened at $69.59 on Friday. The firm’s 50 day simple moving average is $74.74 and its 200 day simple moving average is $77.64. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.42 and a quick ratio of 0.36. Progressive Corp has a one year low of $56.71 and a one year high of $84.96. The company has a market cap of $39.99 billion, a PE ratio of 15.74, a P/E/G ratio of 1.74 and a beta of 0.68.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 16th. The insurance provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.33 by $0.09. Progressive had a net margin of 8.69% and a return on equity of 25.83%. The business had revenue of $9.62 billion for the quarter, compared to the consensus estimate of $9.66 billion. During the same period last year, the company earned $1.57 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. Equities research analysts expect that Progressive Corp will post 5.37 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, October 7th were given a dividend of $0.10 per share. The ex-dividend date was Friday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.57%. Progressive’s dividend payout ratio is presently 9.05%.

In other Progressive news, insider Steven Broz sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $70.84, for a total transaction of $354,200.00. Following the completion of the transaction, the insider now owns 25,295 shares in the company, valued at approximately $1,791,897.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the transaction, the chief executive officer now owns 352,795 shares of the company’s stock, valued at approximately $26,978,233.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,500 shares of company stock worth $3,979,055. 0.39% of the stock is owned by corporate insiders.

A number of research firms have recently weighed in on PGR. Raymond James set a $93.00 price target on shares of Progressive and gave the company a “buy” rating in a research note on Thursday, September 26th. Evercore ISI began coverage on shares of Progressive in a research note on Thursday, October 17th. They issued an “in-line” rating and a $78.00 price target on the stock. Wells Fargo & Co set a $78.00 price target on shares of Progressive and gave the company a “hold” rating in a research note on Friday, September 13th. Credit Suisse Group reduced their price target on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Finally, UBS Group raised their price target on shares of Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $82.92.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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