Marshfield Associates owns $180.18 million in The Progressive Co. (NYSE:PGR)

Marshfield Associates reduced its holdings in The Progressive Co. (NYSE:PGR – Free Report) by 31.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 867,472 shares of the insurance provider’s stock after selling 405,654 shares during the quarter. Progressive comprises approximately 4.0% of Marshfield Associates’ investment portfolio, making the stock its 14th biggest position. Marshfield Associates’ holdings in Progressive were worth $180,183,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Progressive by 11.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after purchasing an additional 48 shares during the period. Farmers & Merchants Investments Inc. raised its position in Progressive by 10.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 48 shares during the period. Graypoint LLC boosted its holdings in Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after buying an additional 49 shares in the last quarter. City State Bank grew its position in Progressive by 8.2% during the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock valued at $137,000 after buying an additional 50 shares during the period . Finally, GYL Financial Synergies LLC boosted its stake in Progressive by 4.0% in the second quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 50 shares in the last quarter. 85.34% of shares are owned by institutional investors.

Insiders place their bets

In other news, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the transaction, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this hyperlink. In related news, Director Philip Bleser sold 2,129 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now owns 974 shares in the company, valued at approximately $213,383.92. The sale was disclosed in a filing with the SEC, which can be accessed via this link. Also, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold a total of 144,332 shares of company stock worth $33,362,904. 0.34% of shares are currently owned by insiders.

Progressive stock performance

Shares of NYSE PGR opened at $252.40 on Friday. The stock has a market cap of $147.83 billion, a PE ratio of 25.83, a price-to-earnings-growth ratio of 0.72 and a beta of 0.35. Progressive Co. it has a 52-week low of $137.59 and a 52-week high of $260.46. The stock has a 50-day moving average price of $236.62 and a 200-day moving average price of $218.52. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31, and a current ratio of 0.31.

Progressive (NYSE:PGR – Get Free Report ) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. In the same period last year, the company earned $0.57 per share. The company’s revenue for the quarter was up 21.6% year-over-year. Analysts predict that The Progressive Co. will post 12.9 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

The Wall Street analyst weighs in

PGR has been the subject of several analyst reports. Citigroup cut their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. BMO Capital Markets cut their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods boosted their price target on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Wells Fargo & Company raised their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th . Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Moderate Buy” and a consensus price target of $257.18, according to MarketBeat .

Get the latest analysis on Progressive

Progressive company profile

(Free Report)

Progressive Corporation, an insurance holding company, provides personal and commercial auto, residential and commercial personal property, business general liability and other specialty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines and Property.

See Also

Want to see what other hedge funds own PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for The Progressive Co. (NYSE:PGR – Free Report).

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