TimesSquare Capital Management LLC Cuts Holdings in Progressive Corp (NYSE:PGR)

TimesSquare Capital Management LLC reduced its position in Progressive Corp (NYSE:PGR) by 3.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,442,920 shares of the insurance provider’s stock after selling 123,335 shares during the period. Progressive makes up 2.1% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 2nd largest holding. TimesSquare Capital Management LLC owned about 0.59% of Progressive worth $275,193,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hendley & Co. Inc. bought a new position in Progressive during the 1st quarter valued at $3,635,000. ZWJ Investment Counsel Inc. lifted its stake in Progressive by 3.4% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 381,525 shares of the insurance provider’s stock valued at $27,504,000 after acquiring an additional 12,642 shares in the last quarter. Zions Bancorporation N.A. bought a new position in Progressive during the 1st quarter valued at $125,000. Arden Trust Co bought a new position in Progressive during the 2nd quarter valued at $613,000. Finally, Ibex Wealth Advisors lifted its stake in Progressive by 9.9% during the 2nd quarter. Ibex Wealth Advisors now owns 40,761 shares of the insurance provider’s stock valued at $3,258,000 after acquiring an additional 3,655 shares in the last quarter. Institutional investors own 78.51% of the company’s stock.

In related news, insider Steven Broz sold 3,000 shares of Progressive stock in a transaction dated Friday, June 14th. The stock was 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 of the company’s stock, valued at approximately $1,279,474.49. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $81.63, for a total value of $979,560.00. Following the completion of the sale, the chief financial officer now directly owns 335,815 shares of the company’s stock, valued at approximately $27,412,578.45. The disclosure for this sale can be found here. In the last three months, insiders sold 34,500 shares of company stock valued at $2,791,050. 0.39% of the stock is currently owned by insiders.

Several equities analysts have weighed in on the company. ValuEngine cut Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Barclays raised their price objective on Progressive from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, July 1st. UBS Group raised their target price on Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Janney Montgomery Scott initiated coverage on Progressive in a research report on Thursday, June 20th. They set a “neutral” rating and a $59.00 target price for the company. Finally, B. Riley raised their target price on Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Progressive has an average rating of “Buy” and a consensus target price of $82.92.

Shares of Progressive stock traded up $0.49 during trading hours on Friday, hitting $77.53. 42,873 shares of the company’s stock traded hands, compared to its average volume of 2,616,785. Progressive Corp has a 12-month low of $56.71 and a 12-month high of $84.96. The stock has a market capitalization of $46.46 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 2.02 and a beta of 0.66. The company has a fifty day simple moving average of $81.17 and a 200-day simple moving average of $76.47. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.23. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.13 billion. During the same quarter last year, the firm posted $1.19 EPS. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, analysts forecast that Progressive Corp will post 5.36 EPS for the current fiscal year.

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

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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