Pandora Wealth Inc. Reduces Stock Position in The Progressive Corporation $PGR

Pandora Wealth Inc. lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,590 shares of the insurance provider’s stock after selling 66 shares during the period. Pandora Wealth Inc.’s holdings in Progressive were worth $691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Highline Wealth Partners LLC lifted its position in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its position in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 63 shares in the last quarter. HWG Holdings LP purchased a new stake in shares of Progressive during the first quarter worth $28,000. Garde Capital Inc. purchased a new stake in Progressive in the 1st quarter worth approximately $33,000. Finally, Ransom Advisory Ltd bought a new position in Progressive in the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on PGR shares. Barclays set a $271.00 price target on shares of Progressive in a research report on Wednesday. Wells Fargo & Company boosted their price target on shares of Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Jefferies Financial Group reduced their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a research report on Wednesday, October 8th. Finally, Evercore ISI reduced their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Seven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $279.63.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the transaction, the insider owned 43,506 shares in the company, valued at $10,532,802.60. This trade represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock worth $31,997,390 in the last three months. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

NYSE PGR opened at $240.18 on Monday. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $140.80 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.33 and a beta of 0.32. The company has a fifty day moving average of $245.20 and a 200-day moving average of $259.54.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the previous year, the firm posted $2.48 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s payout ratio is currently 2.25%.

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.