Flagship Harbor Advisors LLC Sells 537 Shares of Progressive Corp (NYSE:PGR)

Flagship Harbor Advisors LLC cut its stake in shares of Progressive Corp (NYSE:PGR) by 17.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,535 shares of the insurance provider’s stock after selling 537 shares during the period. Flagship Harbor Advisors LLC’s holdings in Progressive were worth $202,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Archford Capital Strategies LLC increased its stake in Progressive by 49.5% in the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 135 shares in the last quarter. Creative Planning increased its stake in Progressive by 0.8% in the 1st quarter. Creative Planning now owns 16,896 shares of the insurance provider’s stock valued at $1,218,000 after purchasing an additional 137 shares in the last quarter. JLB & Associates Inc. increased its stake in Progressive by 2.0% in the 1st quarter. JLB & Associates Inc. now owns 6,970 shares of the insurance provider’s stock valued at $502,000 after purchasing an additional 140 shares in the last quarter. Cornerstone Advisors Inc. increased its stake in Progressive by 5.4% in the 2nd quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock valued at $219,000 after purchasing an additional 141 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC increased its stake in Progressive by 10.7% in the 1st quarter. Prime Capital Investment Advisors LLC now owns 1,521 shares of the insurance provider’s stock valued at $110,000 after purchasing an additional 147 shares in the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.

Shares of PGR stock traded down $1.92 during mid-day trading on Friday, hitting $75.15. 1,816,927 shares of the company’s stock were exchanged, compared to its average volume of 2,396,763. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $84.96. The stock has a 50-day simple moving average of $80.53 and a two-hundred day simple moving average of $76.70. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.34. The stock has a market cap of $45.06 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.95 and a beta of 0.66.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.23. The business had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.13 billion. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the company posted $1.19 EPS. As a group, analysts anticipate that Progressive Corp will post 5.4 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s dividend payout ratio (DPR) is currently 9.05%.

Several equities analysts recently weighed in on the company. Barclays raised their price objective on Progressive from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, July 1st. Raymond James increased their target price on Progressive from $90.00 to $93.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. ValuEngine cut Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. B. Riley increased their target price on Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a report on Monday, May 27th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Progressive presently has an average rating of “Buy” and an average price target of $82.92.

In other Progressive news, insider Steven Broz sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $81.49, for a total value of $244,470.00. Following the transaction, the insider now directly owns 15,701 shares of the company’s stock, valued at $1,279,474.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $77.58, for a total value of $930,960.00. The disclosure for this sale can be found here. Insiders sold a total of 39,000 shares of company stock worth $3,128,310 over the last ninety days. Corporate insiders own 0.39% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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