The Progressive Co. (NYSE:PGR) Holdings Lowered by Jacobi Capital Management LLC

Jacobi Capital Management LLC lowered its stake in The Progressive Co. (NYSE:PGR) by 6.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,202 shares of the insurance provider’s stock after selling 154 shares during the quarter. Jacobi Capital Management LLC’s holdings in Progressive were worth $455,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Progressive in the fourth quarter valued at about $1,078,831,000. 1832 Asset Management L.P. lifted its position 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 worth $236,650,000 after purchasing an additional 1,045,883 shares during the last quarter. Confluence Investment Management LLC acquired a new position in shares of Progressive during the 1st quarter worth about $188,642,000. SG Americas Securities LLC raised its holdings in Progressive by 4,545.0% in the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after acquiring an additional 690,060 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in Progressive by 279.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock valued at $129,237,000 after acquiring an additional 597,401 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

PGR traded down $0.70 during trading on Tuesday, hitting $215.60. 372,922 shares of the stock traded hands, compared to its average volume of 2,585,561. The Progressive Co. has a twelve month low of $121.87 and a twelve month high of $229.00. The company has a market cap of $126.28 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 0.77 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.33 and a quick ratio of 0.32. The business has a 50 day moving average price of $209.96 and a 200 day moving average price of $200.08.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 earnings per share. Equities research analysts forecast that The Progressive Co. will post 12.01 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio is 4.09%.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Jefferies Financial Group increased their target price on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. HSBC increased their price target on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Citigroup decreased their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Finally, BMO Capital Markets increased their price target on Progressive from $235.00 to $239.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $222.94.

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction on 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 owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction on 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 owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The disclosure for this sale can be found here. Insiders have sold a total of 35,647 shares of company stock valued at $7,417,765 over the last 90 days. 0.34% of the stock is owned by 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.