Second Line Capital LLC Sells 505 Shares of The Progressive Co. (NYSE:PGR)

Second Line Capital LLC trimmed its position in The Progressive Co. (NYSE:PGR) by 4.0% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 12,126 shares of the insurance provider’s stock after selling 505 shares during the period. Progressive comprises approximately 0.8% of Second Line Capital LLC’s holdings, making the stock its 24th largest holding. Second Line Capital LLC’s holdings in Progressive were worth $3,077,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Progressive by 17.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 76,709 shares of the insurance provider’s stock worth $15,933,000 after buying an additional 11,327 shares during the last quarter. Great Valley Advisor Group Inc. bought a new stake in shares of Progressive during the 2nd quarter valued at $347,000. ORG Partners LLC lifted its stake in shares of Progressive by 3,150.0% in the 2nd quarter. ORG Partners LLC now owns 2,080 shares of the insurance provider’s stock valued at $436,000 after purchasing an additional 2,016 shares during the period. J.Safra Asset Management Corp bought a new position in shares of Progressive in the 2nd quarter worth $64,000. Finally, Financial Strategies Group Inc. grew its stake in shares of Progressive by 12.3% during the second quarter. Financial Strategies Group Inc. now owns 30,238 shares of the insurance provider’s stock worth $6,335,000 after purchasing an additional 3,309 shares during the period. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PGR. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. increased their target price on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Wells Fargo & Company boosted their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. The Goldman Sachs Group raised their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, TD Cowen boosted their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $270.69.

Progressive Stock Performance

Shares of PGR opened at $247.30 on Wednesday. The stock has a market capitalization of $144.87 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 0.70 and a beta of 0.38. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $270.62. The firm has a fifty day simple moving average of $254.52 and a 200 day simple moving average of $235.83. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Research analysts forecast that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th 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, January 9th. Progressive’s dividend payout ratio is currently 2.91%.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the sale, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. This represents a 33.63 % 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, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,839 shares of company stock valued at $6,718,965. 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.