The Progressive Corporation $PGR Stock Position Decreased by Chicago Capital LLC

Chicago Capital LLC trimmed its stake in The Progressive Corporation (NYSE:PGR) by 21.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 316,276 shares of the insurance provider’s stock after selling 84,057 shares during the quarter. Progressive makes up 1.9% of Chicago Capital LLC’s holdings, making the stock its 17th largest holding. Chicago Capital LLC owned about 0.05% of Progressive worth $78,104,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. KG&L Capital Management LLC raised its holdings in Progressive by 33.6% during the 3rd quarter. KG&L Capital Management LLC now owns 4,095 shares of the insurance provider’s stock worth $1,011,000 after buying an additional 1,031 shares during the period. D.A. Davidson & CO. boosted its holdings in shares of Progressive by 12.4% in the third quarter. D.A. Davidson & CO. now owns 22,219 shares of the insurance provider’s stock worth $5,487,000 after buying an additional 2,455 shares during the period. CWA Asset Management Group LLC increased its position in shares of Progressive by 74.8% in the third quarter. CWA Asset Management Group LLC now owns 5,886 shares of the insurance provider’s stock worth $1,454,000 after acquiring an additional 2,519 shares in the last quarter. TriaGen Wealth Management LLC raised its stake in Progressive by 2.1% during the 3rd quarter. TriaGen Wealth Management LLC now owns 2,622 shares of the insurance provider’s stock valued at $648,000 after purchasing an additional 54 shares during the period. Finally, Park Place Capital Corp raised its position in Progressive by 0.7% during the third quarter. Park Place Capital Corp now owns 8,212 shares of the insurance provider’s stock valued at $2,028,000 after buying an additional 57 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

NYSE PGR opened at $212.82 on Tuesday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The company has a fifty day simple moving average of $222.91 and a 200 day simple moving average of $237.22. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The company has a market cap of $124.80 billion, a P/E ratio of 11.67, a P/E/G ratio of 1.29 and a beta of 0.34.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same period in the prior year, the firm earned $3.58 EPS. On average, sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.19%.

Analysts Set New Price Targets

Several research analysts have weighed in on PGR shares. Morgan Stanley reiterated an “underweight” rating on shares of Progressive in a research note on Wednesday, December 17th. JPMorgan Chase & Co. lifted their price target on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Bank of America dropped their price objective on Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a report on Tuesday, December 9th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Finally, BMO Capital Markets decreased their target price on shares of Progressive from $256.00 to $253.00 and set a “market perform” rating for the company in a research report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $264.98.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the sale, the insider owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 9,034 shares of company stock valued at $2,047,481. 0.33% of the stock is owned by corporate insiders.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.