The Progressive Co. (NYSE:PGR) Shares Sold by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. reduced its stake in The Progressive Co. (NYSE:PGR) by 13.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,930 shares of the insurance provider’s stock after selling 1,956 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Progressive were worth $3,281,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Davis Capital Management bought a new position in Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC increased its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO bought a new stake in Progressive in the 1st quarter valued at about $32,000. Hilltop National Bank boosted its stake in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. Finally, Register Financial Advisors LLC bought a new position in Progressive in the 1st quarter worth about $35,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progressive news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares in the company, valued at $7,626,840. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 144,383 shares of company stock valued at $33,446,453 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Down 0.1 %

Shares of Progressive stock traded down $0.22 during trading on Friday, hitting $251.12. The stock had a trading volume of 2,089,962 shares, compared to its average volume of 2,497,081. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $260.46. The stock has a 50 day simple moving average of $248.81 and a 200 day simple moving average of $224.05. 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 company has a market capitalization of $147.07 billion, a PE ratio of 21.50, a P/E/G ratio of 0.70 and a beta of 0.35.

Progressive (NYSE:PGR) last posted 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. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. On average, research analysts expect that The Progressive Co. will post 12.97 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is presently 3.42%.

Analysts Set New Price Targets

PGR has been the subject of several analyst reports. The Goldman Sachs Group boosted their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Evercore ISI increased their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $268.81.

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.