WealthBridge Capital Management LLC Sells 4,381 Shares of The Progressive Corporation $PGR

WealthBridge Capital Management LLC decreased its position in The Progressive Corporation (NYSE:PGR) by 53.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,884 shares of the insurance provider’s stock after selling 4,381 shares during the quarter. WealthBridge Capital Management LLC’s holdings in Progressive were worth $884,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. Capital International Investors lifted its holdings in shares of Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after buying an additional 6,045,732 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after buying an additional 2,709,417 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after buying an additional 2,314,864 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Progressive by 2,012.0% during the third quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock worth $189,546,000 after buying an additional 731,207 shares during the last quarter. Finally, Marshfield Associates lifted its holdings in shares of Progressive by 70.8% during the third quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider’s stock worth $389,552,000 after buying an additional 653,763 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the sale, the executive directly owned 26,250 shares in the company, valued at $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 11,687 shares of company stock valued at $2,413,044. 0.32% of the stock is owned by insiders.

Analysts Set New Price Targets

PGR has been the subject of a number of research analyst reports. Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Barclays set a $247.00 price target on Progressive in a report on Wednesday, March 18th. Argus upgraded Progressive to a “hold” rating in a research note on Thursday, March 5th. Wells Fargo & Company upped their target price on Progressive from $214.00 to $217.00 and gave the company an “equal weight” rating in a research note on Thursday, March 19th. Finally, UBS Group upped their target price on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $237.44.

Progressive Stock Performance

Shares of NYSE:PGR opened at $196.53 on Wednesday. The business’s fifty day moving average price is $204.48 and its two-hundred day moving average price is $216.91. The Progressive Corporation has a fifty-two week low of $192.02 and a fifty-two week high of $289.96. The stock has a market capitalization of $114.96 billion, a price-to-earnings ratio of 10.21, a price-to-earnings-growth ratio of 5.65 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio is 2.08%.

Progressive Profile

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.