Prestige Wealth Management Group LLC trimmed its position in The Progressive Co. (NYSE:PGR – Free Report) by 73.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 498 shares of the insurance provider’s stock after selling 1,373 shares during the period. Prestige Wealth Management Group LLC’s holdings in Progressive were worth $126,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Davis Capital Management bought a new stake in Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC raised its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. raised its holdings in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Kimelman & Baird LLC bought a new stake in Progressive during the second quarter worth about $36,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Progressive during the third quarter worth about $49,000. 85.34% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on PGR shares. Wells Fargo & Company boosted their price target on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Keefe, Bruyette & Woods boosted their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Barclays boosted their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $270.69.
Progressive Trading Down 0.2 %
Shares of PGR stock opened at $247.30 on Wednesday. The stock has a 50 day simple moving average of $254.52 and a 200 day simple moving average of $235.83. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock 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.
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. On average, research analysts predict that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.
Progressive Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, January 9th. Progressive’s payout ratio is currently 2.91%.
Insider Buying and Selling
In related news, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now owns 15,189 shares in the company, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,839 shares of company stock worth $6,718,965. Company 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.
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