Wealthcare Advisory Partners LLC trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 85.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,032 shares of the insurance provider’s stock after selling 11,995 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Progressive were worth $444,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC lifted its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive during the fourth quarter worth $269,000. Bison Wealth LLC raised its holdings in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the period. HUB Investment Partners LLC lifted its position in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after acquiring an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC lifted its position in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after acquiring an additional 1,622 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Progressive Price Performance
NYSE:PGR opened at $209.48 on Friday. The stock has a market capitalization of $121.79 billion, a PE ratio of 10.51, a P/E/G ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The firm has a fifty day simple moving average of $214.36 and a 200 day simple moving average of $206.47. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.
Progressive Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.01%.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on the stock. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. William Blair reissued a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Mizuho set a $236.00 price objective on Progressive in a research report on Wednesday, August 5th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. Finally, Bank of America reduced their price target on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $235.00.
Check Out Our Latest Research Report on PGR
Insider Buying and Selling
In related news, insider John Jo Murphy sold 8,124 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider directly owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. The trade was a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock worth $15,880,459 in the last 90 days. 0.32% of the stock is owned by corporate insiders.
About Progressive
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
Featured Articles
- Five stocks we like better than Progressive
- Is Best Buy the AI Winner Hiding in the Electronics Aisle?
- Applied Materials Beat Everything but Wall Street’s Expectations for Margins
- Back From Orbit, Intuitive Machines’ Share Price Enters the Buy Zone
- Texas Roadhouse and Brinker International Have the Recipe Rivals Are Missing
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR – Free Report).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.
