The Progressive Corporation $PGR Stock Position Lowered by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC lessened its position in The Progressive Corporation (NYSE:PGR) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,000 shares of the insurance provider’s stock after selling 275 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Progressive were worth $1,868,000 as of its most recent filing with the SEC.

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

Progressive Stock Performance

Shares of PGR opened at $240.18 on Friday. The company’s fifty day moving average is $245.20 and its 200-day moving average is $259.65. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The firm has a market cap of $140.80 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 1.34 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the business posted $2.48 EPS. Progressive’s quarterly revenue was up 12.1% on a year-over-year basis. Equities analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.25%.

Analysts Set New Price Targets

PGR has been the subject of a number of research analyst reports. Citigroup reiterated a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Jefferies Financial Group cut their target price 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. Wolfe Research initiated coverage on shares of Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating for the company. BMO Capital Markets set a $252.00 target price on shares of Progressive in a research report on Thursday, September 18th. Finally, Barclays set a $271.00 target price on shares of Progressive in a research report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $279.63.

Insiders Place Their Bets

In related news, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. 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 ninety days. 0.34% of the stock is owned by insiders.

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.