Teamwork Financial Advisors LLC Cuts Stake in The Progressive Corporation $PGR

Teamwork Financial Advisors LLC lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 86.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,737 shares of the insurance provider’s stock after selling 59,986 shares during the period. Teamwork Financial Advisors LLC’s holdings in Progressive were worth $2,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Osprey Private Wealth LLC grew its stake in Progressive by 31.5% during the third quarter. Osprey Private Wealth LLC now owns 24,555 shares of the insurance provider’s stock valued at $6,064,000 after acquiring an additional 5,880 shares in the last quarter. Armstrong Advisory Group Inc. boosted its holdings in shares of Progressive by 10.6% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 541 shares of the insurance provider’s stock valued at $134,000 after purchasing an additional 52 shares during the last quarter. RDA Financial Network grew its position in shares of Progressive by 477.6% during the third quarter. RDA Financial Network now owns 5,718 shares of the insurance provider’s stock valued at $1,412,000 after purchasing an additional 4,728 shares in the last quarter. OLD Point Trust & Financial Services N A bought a new stake in shares of Progressive in the third quarter worth about $370,000. Finally, Czech National Bank lifted its position in shares of Progressive by 3.9% in the third quarter. Czech National Bank now owns 148,885 shares of the insurance provider’s stock worth $36,767,000 after buying an additional 5,591 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the sale, the insider directly owned 27,698 shares in the company, valued at approximately $6,323,176.42. This trade represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,690 shares of company stock valued at $1,745,350 over the last three months. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on PGR. Keefe, Bruyette & Woods raised their price target on Progressive from $246.00 to $250.00 and gave the company a “market perform” rating in a report on Thursday. Jefferies Financial Group reissued a “hold” rating on shares of Progressive in a report on Wednesday. HSBC set a $259.00 price target on shares of Progressive and gave the company an “underperform” rating in a research note on Monday, November 17th. BMO Capital Markets dropped their price objective on shares of Progressive from $256.00 to $253.00 and set a “market perform” rating for the company in a research note on Thursday. Finally, Raymond James Financial decreased their target price on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus price target of $264.98.

Progressive Trading Down 1.1%

Shares of PGR opened at $224.87 on Friday. The company’s fifty day simple moving average is $223.08 and its 200-day simple moving average is $241.60. The company has a market cap of $131.86 billion, a P/E ratio of 12.34, a P/E/G ratio of 1.01 and a beta of 0.36. 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 Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the previous year, the company posted $3.58 earnings per share. As a group, analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

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.