Tobam Sells 4,567 Shares of The Progressive Corporation $PGR

Tobam reduced its holdings in The Progressive Corporation (NYSE:PGR) by 58.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,187 shares of the insurance provider’s stock after selling 4,567 shares during the period. Tobam’s holdings in Progressive were worth $850,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PGR. Vanguard Group Inc. raised its position in shares of Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock valued at $15,289,037,000 after buying an additional 622,590 shares during the last quarter. GQG Partners LLC increased its stake in Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after acquiring an additional 3,174,632 shares during the period. Alliancebernstein L.P. raised its holdings in Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after acquiring an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Progressive by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock valued at $1,805,642,000 after acquiring an additional 396,567 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Progressive in the 1st quarter worth approximately $1,473,180,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

PGR stock opened at $219.73 on Wednesday. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The company has a market cap of $128.85 billion, a P/E ratio of 12.05, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The business’s fifty day moving average is $232.41 and its 200-day moving average is $251.30.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter last year, the business posted $3.58 earnings per share. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PGR shares. Weiss Ratings restated a “buy (b-)” rating on shares of Progressive in a research note on Friday, October 31st. Wolfe Research assumed coverage on shares of Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Evercore ISI cut their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Cantor Fitzgerald raised Progressive to a “hold” rating in a report on Wednesday, August 13th. Finally, Citigroup dropped their target price on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a report on Thursday, October 16th. Eight research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $269.90.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the transaction, the insider owned 30,388 shares in the company, valued at $7,356,934.80. This trade represents a 4.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the sale, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 58,500 shares of company stock worth $14,430,089. 0.33% 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.