The Progressive Corporation (NYSE:PGR) Shares Sold by Jennison Associates LLC

by · The Cerbat Gem

Jennison Associates LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 21.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,239,191 shares of the insurance provider’s stock after selling 885,996 shares during the quarter. Jennison Associates LLC owned approximately 0.55% of Progressive worth $916,724,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Highline Wealth Partners LLC boosted its holdings in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC boosted its holdings in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP acquired a new stake in shares of Progressive in the first quarter valued at approximately $28,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive in the first quarter valued at approximately $33,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Up 0.3%

PGR opened at $247.19 on Friday. The Progressive Corporation has a one year low of $208.13 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The stock’s fifty day moving average is $268.43 and its 200-day moving average is $265.68. The company has a market capitalization of $144.90 billion, a PE ratio of 13.95, a P/E/G ratio of 1.53 and a beta of 0.37.

Progressive (NYSE:PGR – Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the firm posted $2.48 earnings per share. On average, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive’s dividend payout ratio (DPR) is currently 2.70%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PGR shares. Keefe, Bruyette & Woods decreased their price objective on Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a report on Thursday. BMO Capital Markets cut their price objective on Progressive from $288.00 to $281.00 and set an “outperform” rating for the company in a research report on Friday. Evercore ISI cut Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective for the company. in a research report on Thursday. UBS Group cut their price objective on Progressive from $291.00 to $280.00 and set a “neutral” rating for the company in a research report on Wednesday, July 9th. Finally, Morgan Stanley dropped their price target on Progressive from $290.00 to $280.00 and set an “equal weight” rating for the company in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $287.63.

Read Our Latest Research Report on PGR

Insider Transactions at Progressive

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of the company’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director owned 12,217 shares in the company, valued at approximately $3,181,673.31. This represents a 23.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director owned 12,429 shares of the company’s stock, valued at approximately $3,451,160.43. The trade was a 16.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,705 shares of company stock valued at $11,450,948. Corporate insiders own 0.34% of the company’s stock.

Progressive Company Profile

(Free Report)

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.

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