Eventide Asset Management LLC Has $1.73 Million Stock Position in The Progressive Corporation $PGR

Eventide Asset Management LLC trimmed its position in shares of The Progressive Corporation (NYSE:PGR) by 35.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,504 shares of the insurance provider’s stock after selling 4,164 shares during the period. Eventide Asset Management LLC’s holdings in Progressive were worth $1,726,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PGR. Brighton Jones LLC increased its holdings in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive in the fourth quarter valued at $269,000. Bison Wealth LLC increased its holdings in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC increased its holdings in shares of Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its holdings in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after purchasing an additional 1,622 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.1%

Shares of Progressive stock opened at $202.86 on Monday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $269.84. The firm has a 50-day moving average of $199.20 and a 200-day moving average of $207.93. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The stock has a market cap of $118.54 billion, a PE ratio of 10.31, a PEG ratio of 5.89 and a beta of 0.28.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter in the prior year, the business posted $4.37 earnings per share. Progressive’s revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts forecast that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Morgan Stanley decreased their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a report on Friday, May 22nd. Finally, Argus upgraded shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus price target of $238.11.

Insider Buying and Selling

In related news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. This represents a 3.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,343 shares of company stock valued at $1,470,355 over the last quarter. 0.32% of the stock is owned by company insiders.

Progressive Profile

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.