Second Line Capital LLC Has $3.08 Million Stock Position in The Progressive Co. (NYSE:PGR)

Second Line Capital LLC lowered its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,126 shares of the insurance provider’s stock after selling 505 shares during the quarter. Progressive comprises about 0.8% of Second Line Capital LLC’s investment portfolio, making the stock its 24th biggest position. Second Line Capital LLC’s holdings in Progressive were worth $3,077,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Hohimer Wealth Management LLC lifted its position in shares of Progressive by 2.6% in the third quarter. Hohimer Wealth Management LLC now owns 3,753 shares of the insurance provider’s stock worth $952,000 after buying an additional 95 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in Progressive by 1.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 10,451 shares of the insurance provider’s stock worth $2,652,000 after purchasing an additional 106 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in Progressive by 45.1% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 333,433 shares of the insurance provider’s stock worth $84,611,000 after purchasing an additional 103,625 shares during the period. Sunbelt Securities Inc. grew its holdings in Progressive by 50.4% during the third quarter. Sunbelt Securities Inc. now owns 394 shares of the insurance provider’s stock valued at $100,000 after purchasing an additional 132 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Progressive by 137.8% in the third quarter. Toronto Dominion Bank now owns 487,628 shares of the insurance provider’s stock valued at $123,740,000 after purchasing an additional 282,577 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $247.30 on Wednesday. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $144.87 billion, a P/E ratio of 17.97, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The firm’s 50-day simple moving average is $254.52 and its 200-day simple moving average is $235.83.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, research analysts expect that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a $0.10 dividend. The ex-dividend date is Thursday, January 9th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is presently 2.91%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PGR shares. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Morgan Stanley raised their price target on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Evercore ISI boosted their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Finally, Roth Mkm lifted their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $270.69.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,839 shares of company stock valued at $6,718,965. 0.34% of the stock is owned by insiders.

Progressive 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.