The Progressive Corporation $PGR Shares Sold by Woodley Farra Manion Portfolio Management Inc.

Woodley Farra Manion Portfolio Management Inc. lowered its stake in The Progressive Corporation (NYSE:PGR) by 2.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 305,408 shares of the insurance provider’s stock after selling 8,677 shares during the quarter. Progressive comprises about 3.2% of Woodley Farra Manion Portfolio Management Inc.’s portfolio, making the stock its 10th biggest holding. Woodley Farra Manion Portfolio Management Inc. owned 0.05% of Progressive worth $69,547,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Sepio Capital LP lifted its holdings in Progressive by 5.4% in the fourth quarter. Sepio Capital LP now owns 15,259 shares of the insurance provider’s stock worth $3,475,000 after purchasing an additional 775 shares during the period. Meiji Yasuda America Inc acquired a new stake in Progressive in the fourth quarter worth about $4,486,000. Xponance LLC lifted its holdings in Progressive by 4.3% in the fourth quarter. Xponance LLC now owns 124,790 shares of the insurance provider’s stock worth $28,417,000 after purchasing an additional 5,202 shares during the period. UniSuper Management Pty Ltd lifted its holdings in Progressive by 1.7% in the fourth quarter. UniSuper Management Pty Ltd now owns 44,960 shares of the insurance provider’s stock worth $10,238,000 after purchasing an additional 763 shares during the period. Finally, Parnassus Investments LLC lifted its holdings in Progressive by 2.0% in the fourth quarter. Parnassus Investments LLC now owns 455,850 shares of the insurance provider’s stock worth $103,806,000 after purchasing an additional 8,775 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. Evercore reaffirmed a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. UBS Group upped their price objective on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Bank of America reduced their price objective on shares of Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, May 20th. Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday, March 18th. Finally, Jefferies Financial Group cut their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $238.11.

Insider Activity

In other news, insider John Jo Murphy sold 5,916 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 value of $1,183,200.00. Following the transaction, the insider owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the transaction, the insider owned 28,668 shares in the company, valued at $5,733,600. This represents a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 7,343 shares of company stock worth $1,470,355 in the last 90 days. Company insiders own 0.32% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $202.41 on Friday. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $269.84. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $118.27 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 5.92 and a beta of 0.28. The firm has a 50-day moving average of $199.01 and a two-hundred day moving average of $208.09.

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

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.

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.