Ycg LLC Sells 15,210 Shares of The Progressive Co. (NYSE:PGR)

Ycg LLC cut its stake in The Progressive Co. (NYSE:PGR) by 8.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 169,397 shares of the insurance provider’s stock after selling 15,210 shares during the quarter. Progressive makes up approximately 2.8% of Ycg LLC’s investment portfolio, making the stock its 16th largest holding. Ycg LLC’s holdings in Progressive were worth $34,836,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PGR. Sachetta LLC acquired a new position in shares of Progressive in the fourth quarter valued at about $25,000. Northwest Bank & Trust Co acquired a new stake in Progressive during the fourth quarter worth about $25,000. Valley National Advisers Inc. boosted its stake in shares of Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the 1st quarter valued at approximately $32,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Progressive in the 1st quarter valued at approximately $35,000. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

PGR has been the topic of a number of research analyst reports. Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. Roth Mkm reiterated a “buy” rating and set a $235.00 target price on shares of Progressive in a research report on Wednesday, June 26th. Jefferies Financial Group lifted their target price on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. BMO Capital Markets reiterated an “outperform” rating and set a $235.00 target price on shares of Progressive in a research report on Monday, June 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $218.50.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $210.40, for a total value of $2,104,000.00. Following the completion of the sale, the chief financial officer now owns 302,958 shares in the company, valued at approximately $63,742,363.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at $63,742,363.20. The disclosure for this sale can be found here. Insiders sold a total of 34,518 shares of company stock worth $7,159,674 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Up 0.7 %

PGR stock traded up $1.48 during midday trading on Friday, reaching $213.30. 2,264,914 shares of the company’s stock traded hands, compared to its average volume of 2,566,587. The company has a market cap of $124.93 billion, a price-to-earnings ratio of 21.84, a P/E/G ratio of 0.82 and a beta of 0.35. The firm’s fifty day moving average price is $209.48 and its 200-day moving average price is $196.71. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $217.77.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.65 EPS. As a group, sell-side analysts forecast that The Progressive Co. will post 11.23 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s payout ratio is 4.09%.

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.