The Progressive Corporation $PGR Shares Sold by ORG Wealth Partners LLC

ORG Wealth Partners LLC trimmed its position in The Progressive Corporation (NYSE:PGR) by 60.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 122 shares of the insurance provider’s stock after selling 185 shares during the period. ORG Wealth Partners LLC’s holdings in Progressive were worth $32,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC increased its position in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC increased its holdings in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares during the period. HWG Holdings LP purchased a new stake in Progressive in the first quarter worth about $28,000. Garde Capital Inc. purchased a new position in shares of Progressive during the 1st quarter worth $33,000. Finally, Ransom Advisory Ltd bought a new stake in shares of Progressive in the 1st quarter worth about $35,000. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the business’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 value of $2,017,201.34. Following the sale, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares of the company’s stock, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 140,045 shares of company stock valued at $34,635,290. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on PGR. Barclays dropped their price objective on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating for the company in a report on Tuesday, August 19th. Keefe, Bruyette & Woods increased their price objective on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research note on Thursday, September 18th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research note on Wednesday, August 13th. Evercore ISI lowered Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price target on the stock. in a report on Thursday, July 17th. Finally, Jefferies Financial Group cut their price objective on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Six equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $279.31.

Progressive Stock Up 0.5%

PGR stock opened at $243.46 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $142.72 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The firm’s 50-day moving average is $245.34 and its two-hundred day moving average is $262.03. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (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 business had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the prior year, the company earned $2.48 EPS. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. On average, analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.25%.

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.