The Progressive Co. (NYSE:PGR) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its stake in The Progressive Co. (NYSE:PGR) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,860 shares of the insurance provider’s stock after selling 2,878 shares during the period. Mutual of America Capital Management LLC’s holdings in Progressive were worth $15,341,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PGR. Gilbert & Cook Inc. increased its holdings in Progressive by 8.6% in the 4th quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after purchasing an additional 233 shares in the last quarter. 9258 Wealth Management LLC increased its holdings in Progressive by 18.8% in the 4th quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 401 shares in the last quarter. Gryphon Financial Partners LLC acquired a new stake in shares of Progressive during the fourth quarter valued at about $307,000. Independent Advisor Alliance grew its stake in shares of Progressive by 1.9% during the fourth quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock valued at $548,000 after acquiring an additional 64 shares in the last quarter. Finally, UBS Group AG grew its stake in shares of Progressive by 60.5% during the fourth quarter. UBS Group AG now owns 1,222,138 shares of the insurance provider’s stock valued at $194,662,000 after acquiring an additional 460,454 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of research reports. Bank of America lifted their price target on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley lifted their price target on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Barclays began coverage on Progressive in a report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target on the stock. Evercore ISI raised their price objective on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group raised their price objective on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $256.12.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Insiders sold 146,704 shares of company stock valued at $33,367,408 in the last quarter. Company insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.2 %

NYSE PGR opened at $256.91 on Wednesday. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market cap of $150.47 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 0.82 and a beta of 0.35. The firm’s 50 day moving average price is $231.42 and its two-hundred day moving average price is $216.02.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. Equities analysts anticipate that The Progressive Co. will post 12.29 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Progressive Company Profile

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.