Sepio Capital LP Has $3.63 Million Stake in The Progressive Co. (NYSE:PGR)

Sepio Capital LP trimmed its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 11.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,484 shares of the insurance provider's stock after selling 2,354 shares during the quarter. Sepio Capital LP's holdings in Progressive were worth $3,632,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Aviance Capital Partners LLC acquired a new stake in shares of Progressive during the first quarter worth $3,628,000. Brevan Howard Capital Management LP purchased a new stake in Progressive during the fourth quarter valued at about $3,090,000. Concurrent Investment Advisors LLC boosted its holdings in shares of Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider's stock worth $1,409,000 after buying an additional 2,719 shares during the period. Banque Cantonale Vaudoise increased its position in shares of Progressive by 90.4% in the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider's stock worth $4,354,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Councilmark Asset Management LLC acquired a new stake in shares of Progressive during the first quarter valued at approximately $1,890,000. Institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

PGR traded down $1.28 on Friday, hitting $251.10. The company had a trading volume of 2,011,861 shares, compared to its average volume of 2,303,128. The Progressive Co. has a 1-year low of $137.59 and a 1-year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The company's fifty day moving average price is $237.81 and its 200 day moving average price is $219.13. The stock has a market cap of $147.06 billion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 0.72 and a beta of 0.35.

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

Progressive Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PGR shares. 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. Jefferies Financial Group lifted their price target on Progressive from $256.00 to $257.00 and gave the company a "buy" rating in a report on Wednesday, July 17th. Barclays initiated coverage on Progressive in a research note on Wednesday, September 4th. They issued an "equal weight" rating and a $367.00 price objective for the company. Hsbc Global Res raised Progressive from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 12th. Finally, Roth Mkm increased their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $257.18.

Insider Activity

In other Progressive news, Director Philip Bleser sold 2,129 shares of the business's stock in a transaction on Wednesday, July 17th. The stock was 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 of the company's stock, valued at $213,383.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Progressive news, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following 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 can be accessed through this link. Also, CFO John P. Sauerland sold 22,708 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $4,859,739.08. Following the completion of the sale, the chief financial officer now owns 302,958 shares of the company's stock, valued at $64,836,041.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,332 shares of company stock worth $33,362,904. Corporate insiders own 0.34% of the company's stock.

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.