Sagespring Wealth Partners LLC Grows Stake in The Progressive Corporation $PGR

Sagespring Wealth Partners LLC increased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 2.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 7,027 shares of the insurance provider’s stock after acquiring an additional 175 shares during the period. Sagespring Wealth Partners LLC’s holdings in Progressive were worth $1,875,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Brighton Jones LLC grew its holdings in Progressive by 15.6% during the 4th 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 purchased a new position in Progressive during the 4th quarter valued at approximately $269,000. Bison Wealth LLC grew its holdings in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares in the last quarter. GAMMA Investing LLC grew its holdings in Progressive by 39.2% during the 1st quarter. GAMMA Investing LLC now owns 10,763 shares of the insurance provider’s stock valued at $3,046,000 after buying an additional 3,029 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Progressive by 0.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 177,377 shares of the insurance provider’s stock valued at $50,200,000 after buying an additional 1,524 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Wells Fargo & Company raised their price target on Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Keefe, Bruyette & Woods raised their price objective on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. Finally, Morgan Stanley lowered their price objective on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research note on Monday, September 22nd. Seven equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $279.63.

Insider Activity

In related news, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock worth $31,997,390 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Progressive Price Performance

NYSE:PGR opened at $240.54 on Wednesday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $141.01 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.31 and a beta of 0.32. The business has a 50 day simple moving average of $245.05 and a 200-day simple moving average of $259.11.

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 analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same period last year, the company earned $2.48 EPS. Progressive’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared 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. 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 dividend payout ratio (DPR) is currently 2.25%.

Progressive Company 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.