The Progressive Corporation $PGR Shares Sold by Tran Capital Management L.P.

Tran Capital Management L.P. lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 37.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,930 shares of the insurance provider’s stock after selling 16,397 shares during the quarter. Tran Capital Management L.P.’s holdings in Progressive were worth $6,897,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its position in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $269,000. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. Great Lakes Advisors LLC boosted its position in shares of Progressive by 4.0% in the 1st quarter. Great Lakes Advisors LLC now owns 7,799 shares of the insurance provider’s stock valued at $2,207,000 after purchasing an additional 299 shares during the period. Finally, Empowered Funds LLC boosted its position in shares of Progressive by 13.8% in the 1st quarter. Empowered Funds LLC now owns 37,406 shares of the insurance provider’s stock valued at $10,586,000 after purchasing an additional 4,540 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PGR shares. Citigroup reduced their price objective on Progressive from $301.38 to $300.60 and set a “buy” rating for the company in a research note on Monday, December 15th. BMO Capital Markets reduced their price target on shares of Progressive from $256.00 to $253.00 and set a “market perform” rating for the company in a research report on Thursday, December 18th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progressive in a report on Wednesday, December 17th. Finally, Zacks Research downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average target price of $260.27.

Insider Buying and Selling at Progressive

In related news, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 1,344 shares of the stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,034 shares of company stock worth $2,047,481 over the last 90 days. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $209.33 on Thursday. The Progressive Corporation has a 52 week low of $199.90 and a 52 week high of $292.99. The company has a 50-day moving average price of $222.95 and a 200 day moving average price of $236.69. The company has a market cap of $122.75 billion, a P/E ratio of 11.48, a PEG ratio of 1.29 and a beta of 0.34. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19.

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

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.19%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.