Mutual of America Capital Management LLC Sells 2,878 Shares of The Progressive Co. (NYSE:PGR)

Mutual of America Capital Management LLC lowered its holdings in The Progressive Co. (NYSE:PGR) by 3.8% during the second quarter, HoldingsChannel.com reports. The fund owned 73,860 shares of the insurance provider’s stock after selling 2,878 shares during the period. Mutual of America Capital Management LLC’s holdings in Progressive were worth $15,341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Gilbert & Cook Inc. raised its holdings in shares of Progressive by 8.6% in the fourth quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after buying an additional 233 shares during the last quarter. 9258 Wealth Management LLC increased its position in Progressive by 18.8% in the fourth quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 401 shares during the period. Gryphon Financial Partners LLC acquired a new stake in Progressive in the fourth quarter worth about $307,000. Independent Advisor Alliance grew its position in shares of Progressive by 1.9% during the 4th quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock worth $548,000 after buying an additional 64 shares during the period. Finally, UBS Group AG grew its position in shares of Progressive by 60.5% during the 4th quarter. UBS Group AG now owns 1,222,138 shares of the insurance provider’s stock worth $194,662,000 after buying an additional 460,454 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The disclosure for this sale can be found here. Over the last three months, insiders sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of PGR stock opened at $256.91 on Wednesday. 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 Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a market cap of $150.47 billion, a P/E ratio of 26.30, a P/E/G ratio of 0.82 and a beta of 0.35. The business has a fifty day simple moving average of $231.42 and a 200 day simple moving average of $216.02.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping 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 business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the prior year, the company earned $0.57 EPS. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, sell-side analysts forecast that The Progressive Co. will post 12.29 EPS for the current fiscal year.

Progressive Announces Dividend

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

Analyst Ratings Changes

Several equities analysts recently issued reports on PGR shares. Jefferies Financial Group boosted their price objective on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. upped their price objective on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Barclays began coverage on Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective on the stock. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Keefe, Bruyette & Woods boosted their target price on Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $256.12.

About Progressive

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.