Quantbot Technologies LP Trims Position in The Progressive Co. (NYSE:PGR)

Quantbot Technologies LP lowered its position in The Progressive Co. (NYSE:PGR) by 51.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 28,154 shares of the insurance provider’s stock after selling 29,479 shares during the period. Quantbot Technologies LP’s holdings in Progressive were worth $5,823,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Balentine LLC lifted its position in shares of Progressive by 0.3% in the fourth quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after acquiring an additional 58 shares in the last quarter. Compass Ion Advisors LLC grew its holdings in Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after buying an additional 59 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Progressive by 3.2% during the first quarter. Proficio Capital Partners LLC now owns 2,053 shares of the insurance provider’s stock valued at $425,000 after buying an additional 63 shares during the last quarter. Independent Advisor Alliance lifted its holdings in shares of Progressive by 1.9% in the fourth quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock worth $548,000 after buying an additional 64 shares in the last quarter. Finally, Choreo LLC boosted its position in shares of Progressive by 0.8% during the first quarter. Choreo LLC now owns 8,560 shares of the insurance provider’s stock worth $1,770,000 after acquiring an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of research reports. Citigroup lifted their price target on shares of Progressive from $230.00 to $232.00 and gave the company a “neutral” rating in a report on Monday, June 17th. Roth Mkm reiterated a “buy” rating and issued a $235.00 target price on shares of Progressive in a research report on Wednesday, June 26th. The Goldman Sachs Group raised their price target on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. Wells Fargo & Company lifted their price objective on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. Finally, Piper Sandler reiterated an “overweight” rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $218.50.

Progressive Trading Up 0.7 %

Shares of Progressive stock traded up $1.48 during trading on Friday, hitting $213.30. The stock had a trading volume of 2,264,914 shares, compared to its average volume of 2,566,587. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The firm’s fifty day simple moving average is $209.48 and its 200-day simple moving average is $196.71. The stock has a market cap of $124.93 billion, a PE ratio of 21.84, a PEG ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.65 earnings per share. As a group, sell-side analysts expect that The Progressive Co. will post 11.23 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 7,361 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $210.40, for a total value of $2,104,000.00. Following the transaction, the chief financial officer now owns 302,958 shares of the company’s stock, valued at $63,742,363.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The disclosure for this sale can be found here. Insiders sold a total of 34,518 shares of company stock worth $7,159,674 in the last quarter. 0.34% of the stock is owned by company insiders.

About Progressive

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.