Ycg LLC Sells 80,318 Shares of The Progressive Co. (NYSE:PGR)

Ycg LLC lessened its position in The Progressive Co. (NYSE:PGR) by 47.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 89,079 shares of the insurance provider’s stock after selling 80,318 shares during the period. Progressive makes up about 1.5% of Ycg LLC’s holdings, making the stock its 27th largest position. Ycg LLC’s holdings in Progressive were worth $18,503,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prestige Wealth Management Group LLC increased its stake in Progressive by 318.6% during the 2nd quarter. Prestige Wealth Management Group LLC now owns 1,871 shares of the insurance provider’s stock valued at $389,000 after purchasing an additional 1,424 shares in the last quarter. Ballentine Partners LLC raised its holdings in shares of Progressive by 5.1% in the 2nd quarter. Ballentine Partners LLC now owns 11,036 shares of the insurance provider’s stock worth $2,292,000 after acquiring an additional 533 shares during the last quarter. Caprock Group LLC grew its position in Progressive by 74.7% in the 2nd quarter. Caprock Group LLC now owns 13,552 shares of the insurance provider’s stock worth $2,815,000 after purchasing an additional 5,794 shares in the last quarter. Certuity LLC grew its holdings in shares of Progressive by 9.0% in the second quarter. Certuity LLC now owns 1,418 shares of the insurance provider’s stock valued at $295,000 after acquiring an additional 117 shares in the last quarter. Finally, Custom Index Systems LLC lifted its holdings in Progressive by 8.1% during the second quarter. Custom Index Systems LLC now owns 2,330 shares of the insurance provider’s stock worth $484,000 after acquiring an additional 175 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock traded down $0.85 on Friday, reaching $248.69. The company’s stock had a trading volume of 2,429,465 shares, compared to its average volume of 2,529,093. The Progressive Co. has a 12-month low of $134.34 and a 12-month high of $254.83. The stock’s 50 day simple moving average is $225.47 and its 200-day simple moving average is $212.83. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $145.66 billion, a P/E ratio of 25.45, a PEG ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the firm posted $0.57 EPS. The company’s revenue was up 21.6% compared to the same quarter last year. As a group, equities analysts predict that The Progressive Co. will post 12.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is presently 4.09%.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The disclosure for this sale can be found here. In the last quarter, insiders have sold 147,354 shares of company stock worth $33,502,680. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PGR shares. Piper Sandler lifted their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Bank of America increased their price target on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, Evercore ISI boosted their price objective on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $252.24.

Progressive Company Profile

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.