Waldron Private Wealth LLC Sells 227 Shares of The Progressive Corporation $PGR

Waldron Private Wealth LLC decreased its position in The Progressive Corporation (NYSE:PGR) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,621 shares of the insurance provider’s stock after selling 227 shares during the quarter. Waldron Private Wealth LLC’s holdings in Progressive were worth $4,435,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PGR. Nuveen LLC purchased a new position in shares of Progressive in the first quarter valued at about $1,473,180,000. GQG Partners LLC increased its position in shares of Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after acquiring an additional 3,174,632 shares during the period. C WorldWide Group Holding A S increased its position in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock valued at $353,374,000 after acquiring an additional 1,238,402 shares during the period. Alliancebernstein L.P. increased its position in shares of Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after acquiring an additional 1,091,828 shares during the period. Finally, Axiom Investors LLC DE purchased a new position in shares of Progressive in the first quarter valued at about $194,557,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PGR shares. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $270.00 to $262.00 and set a “market perform” rating on the stock in a research report on Thursday, October 16th. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Morgan Stanley set a $214.00 price target on shares of Progressive and gave the company an “underweight” rating in a research report on Monday, October 20th. Jefferies Financial Group reduced their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Finally, Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $270.40.

Insider Buying and Selling at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction that occurred 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. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,778 shares of company stock valued at $31,683,756 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $218.93 on Friday. The Progressive Corporation has a 1 year low of $217.20 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The company’s 50-day moving average is $241.10 and its 200 day moving average is $256.39. The stock has a market capitalization of $128.34 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.26 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the firm earned $3.58 EPS. On average, sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 2.19%.

About Progressive

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.