Swiss National Bank Sells 56,500 Shares of Progressive Corp (NYSE:PGR)

Swiss National Bank cut its holdings in Progressive Corp (NYSE:PGR) by 2.3% in the second quarter, HoldingsChannel reports. The firm owned 2,440,834 shares of the insurance provider’s stock after selling 56,500 shares during the period. Swiss National Bank’s holdings in Progressive were worth $195,096,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Manchester Financial Inc. bought a new stake in Progressive in the second quarter worth $25,000. Jackson Grant Investment Advisers Inc. bought a new stake in Progressive in the first quarter worth $26,000. Archford Capital Strategies LLC boosted its holdings in Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 135 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in Progressive by 23.9% in the first quarter. Global Retirement Partners LLC now owns 841 shares of the insurance provider’s stock worth $61,000 after purchasing an additional 162 shares in the last quarter. Finally, Thor Advisors LLC bought a new stake in Progressive in the first quarter worth $65,000. Hedge funds and other institutional investors own 78.51% of the company’s stock.

PGR stock traded up $0.43 during mid-day trading on Friday, reaching $77.47. 47,055 shares of the stock traded hands, compared to its average volume of 2,616,785. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.34. Progressive Corp has a 52 week low of $56.71 and a 52 week high of $84.96. The business has a 50-day moving average of $81.17 and a two-hundred day moving average of $76.47. The firm has a market capitalization of $46.46 billion, a PE ratio of 17.53, a P/E/G ratio of 2.02 and a beta of 0.66.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.23. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.13 billion. During the same quarter last year, the company earned $1.19 earnings per share. The firm’s revenue was up 12.7% on a year-over-year basis. On average, equities research analysts anticipate that Progressive Corp will post 5.36 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s payout ratio is presently 9.05%.

In related news, insider Steven Broz sold 3,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $81.49, for a total value of $244,470.00. Following the completion of the sale, the insider now owns 15,701 shares in the company, valued at $1,279,474.49. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 12,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $81.11, for a total transaction of $973,320.00. Following the completion of the sale, the insider now owns 24,867 shares of the company’s stock, valued at approximately $2,016,962.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,500 shares of company stock valued at $2,791,050. 0.39% of the stock is owned by corporate insiders.

PGR has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a report on Monday, May 27th. UBS Group upped their price target on shares of Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a report on Monday, July 29th. Barclays upped their price target on shares of Progressive from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, July 1st. B. Riley upped their price target on shares of Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Wells Fargo & Co restated a “hold” rating and set a $81.00 price target on shares of Progressive in a report on Thursday. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Progressive currently has an average rating of “Buy” and a consensus target price of $82.92.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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