Sciencast Management LP Has $1.56 Million Position in The Progressive Co. (NYSE:PGR)

Sciencast Management LP cut its stake in The Progressive Co. (NYSE:PGR) by 23.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,538 shares of the insurance provider’s stock after selling 2,259 shares during the quarter. Sciencast Management LP’s holdings in Progressive were worth $1,559,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Progressive in the 4th quarter valued at $1,078,831,000. Wellington Management Group LLP raised its position in shares of Progressive by 14.1% during the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. 1832 Asset Management L.P. lifted its holdings in shares of Progressive by 237.8% during the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock valued at $236,650,000 after purchasing an additional 1,045,883 shares in the last quarter. Confluence Investment Management LLC acquired a new position in shares of Progressive in the 1st quarter valued at approximately $188,642,000. Finally, Los Angeles Capital Management LLC increased its stake in Progressive by 279.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock worth $129,237,000 after purchasing an additional 597,401 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of PGR stock traded up $1.48 on Friday, hitting $213.30. The company’s stock had a trading volume of 2,264,914 shares, compared to its average volume of 2,566,587. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The stock’s 50 day moving average is $209.57 and its 200-day moving average is $197.10. The company has a market capitalization of $124.93 billion, a PE ratio of 21.83, a PEG ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.65 EPS. Equities research analysts expect that The Progressive Co. will post 11.23 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is presently 4.09%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. HSBC upped their price target on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Citigroup increased their target price on Progressive from $230.00 to $232.00 and gave the stock a “neutral” rating in a report on Monday, June 17th. Wells Fargo & Company boosted their price target on Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Bank of America dropped their target price on Progressive from $281.00 to $276.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Morgan Stanley reduced their price target on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, June 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $218.50.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction 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 in the company, valued at $63,742,363.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the sale, the chief financial officer now owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction 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 directly owns 302,958 shares of the company’s stock, valued at approximately $63,742,363.20. The disclosure for this sale can be found here. In the last three months, insiders sold 34,518 shares of company stock worth $7,159,674. 0.34% of the stock is currently 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.