Impact Partnership Wealth LLC Sells 153 Shares of The Progressive Corporation $PGR

Impact Partnership Wealth LLC lowered its stake in The Progressive Corporation (NYSE:PGR) by 5.1% in the second quarter, HoldingsChannel.com reports. The firm owned 2,836 shares of the insurance provider’s stock after selling 153 shares during the quarter. Impact Partnership Wealth LLC’s holdings in Progressive were worth $757,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. Carret Asset Management LLC raised its holdings in Progressive by 1.1% during the 2nd quarter. Carret Asset Management LLC now owns 24,050 shares of the insurance provider’s stock worth $6,418,000 after purchasing an additional 250 shares during the last quarter. Savvy Advisors Inc. lifted its holdings in Progressive by 25.0% in the second quarter. Savvy Advisors Inc. now owns 6,385 shares of the insurance provider’s stock valued at $1,704,000 after buying an additional 1,277 shares during the period. Assetmark Inc. grew its holdings in Progressive by 50.6% during the 2nd quarter. Assetmark Inc. now owns 121,930 shares of the insurance provider’s stock worth $32,538,000 after acquiring an additional 40,969 shares during the period. Keybank National Association OH grew its holdings in Progressive by 33.9% during the 2nd quarter. Keybank National Association OH now owns 98,676 shares of the insurance provider’s stock worth $26,333,000 after acquiring an additional 24,993 shares during the period. Finally, Premier Path Wealth Partners LLC raised its position in shares of Progressive by 2.7% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 3,989 shares of the insurance provider’s stock valued at $1,065,000 after acquiring an additional 103 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $207.84 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The Progressive Corporation has a 52 week low of $206.58 and a 52 week high of $292.99. The company’s 50 day moving average price is $238.82 and its two-hundred day moving average price is $255.00. The company has a market capitalization of $121.84 billion, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 1.22 and a beta of 0.32.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The company had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same quarter last year, the company earned $3.58 EPS. On average, analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently commented on PGR. Citigroup dropped their price objective on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a report on Thursday, October 16th. Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Raymond James Financial reduced their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Barclays decreased their price objective on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Finally, BMO Capital Markets cut their target price on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating on the stock in a report on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $268.90.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares in the company, valued at $10,532,802.60. The trade was a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 58,500 shares of company stock valued at $14,430,089. Corporate insiders own 0.34% of the company’s stock.

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.