Ycg LLC Sells 80,318 Shares of The Progressive Co. (NYSE:PGR)

Ycg LLC lowered its stake in The Progressive Co. (NYSE:PGR) by 47.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 89,079 shares of the insurance provider’s stock after selling 80,318 shares during the quarter. Progressive accounts for 1.5% of Ycg LLC’s portfolio, making the stock its 27th biggest position. Ycg LLC’s holdings in Progressive were worth $18,503,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in PGR. Prestige Wealth Management Group LLC raised its holdings in Progressive by 318.6% during the 2nd quarter. Prestige Wealth Management Group LLC now owns 1,871 shares of the insurance provider’s stock valued at $389,000 after buying an additional 1,424 shares during the last quarter. Ballentine Partners LLC raised its stake in shares of Progressive by 5.1% during the second quarter. Ballentine Partners LLC now owns 11,036 shares of the insurance provider’s stock valued at $2,292,000 after acquiring an additional 533 shares during the last quarter. Caprock Group LLC boosted its holdings in shares of Progressive by 74.7% during the second quarter. Caprock Group LLC now owns 13,552 shares of the insurance provider’s stock worth $2,815,000 after purchasing an additional 5,794 shares during the period. Certuity LLC increased its holdings in Progressive by 9.0% during the 2nd quarter. Certuity LLC now owns 1,418 shares of the insurance provider’s stock valued at $295,000 after purchasing an additional 117 shares during the period. Finally, Custom Index Systems LLC raised its position in Progressive by 8.1% during the 2nd quarter. Custom Index Systems LLC now owns 2,330 shares of the insurance provider’s stock valued at $484,000 after purchasing an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.3 %

PGR stock traded down $0.85 during midday trading on Friday, hitting $248.69. The company’s stock had a trading volume of 2,429,465 shares, compared to its average volume of 2,529,093. The firm’s 50-day moving average is $225.47 and its 200-day moving average is $212.83. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12 month low of $134.34 and a 12 month high of $254.83. The company has a market cap of $145.66 billion, a PE ratio of 25.45, a P/E/G ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. Progressive’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 EPS. On average, equities research analysts forecast that The Progressive Co. will post 12.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The disclosure for this sale can be found here. Insiders have sold 147,354 shares of company stock valued at $33,502,680 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $230.00 to $262.00 in a research report on Thursday, August 15th. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Morgan Stanley cut their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Barclays initiated coverage on shares of Progressive in a research note on Wednesday. They issued an “equal weight” rating and a $367.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $252.24.

Progressive Profile

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.