NorthCrest Asset Manangement LLC Has $2.91 Million Holdings in The Progressive Co. (NYSE:PGR)

NorthCrest Asset Manangement LLC lessened its stake in shares of The Progressive Co. (NYSE:PGR) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,019 shares of the insurance provider’s stock after selling 239 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Progressive were worth $2,912,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PGR. Sachetta LLC bought a new stake in Progressive during the fourth quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive in the fourth quarter worth $25,000. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive during the 1st quarter worth $32,000. Hilltop National Bank grew its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC bought a new position in Progressive in the 1st quarter worth $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock traded up $9.59 during trading hours on Wednesday, hitting $231.92. The company had a trading volume of 801,809 shares, compared to its average volume of 2,548,562. The Progressive Co. has a 12 month low of $124.06 and a 12 month high of $232.27. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.32 and a current ratio of 0.31. The firm’s fifty day moving average is $212.78 and its 200 day moving average is $205.30. The firm has a market capitalization of $135.84 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 0.75 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. On average, sell-side analysts predict that The Progressive Co. will post 12.02 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the sale, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. Insiders sold 100,807 shares of company stock valued at $21,412,417 in the last ninety days. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PGR shares. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research report on Monday. JPMorgan Chase & Co. raised their target price on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. BMO Capital Markets cut their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Morgan Stanley dropped their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Finally, Jefferies Financial Group increased their price target on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $227.29.

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.