Venturi Wealth Management LLC Has $18.37 Million Stock Position in The Progressive Corporation $PGR

Venturi Wealth Management LLC lifted its position in The Progressive Corporation (NYSE:PGR) by 38.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 92,656 shares of the insurance provider’s stock after buying an additional 25,616 shares during the quarter. Venturi Wealth Management LLC’s holdings in Progressive were worth $18,368,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PGR. Brighton Jones LLC boosted its stake in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new position in Progressive during the 4th quarter worth approximately $269,000. Bison Wealth LLC raised its stake 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 purchasing an additional 80 shares during the period. HUB Investment Partners LLC raised its stake in Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares during the period. Finally, Diversify Wealth Management LLC lifted its holdings in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after purchasing an additional 1,622 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of NYSE PGR opened at $224.11 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $267.92. The business’s 50-day moving average price is $201.86 and its two-hundred day moving average price is $206.89. The company has a market capitalization of $130.96 billion, a P/E ratio of 11.39, a price-to-earnings-growth ratio of 6.54 and a beta of 0.28.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period in the previous year, the company earned $4.37 EPS. The firm’s revenue was up 6.5% on a year-over-year basis. Analysts anticipate that The Progressive Corporation will post 17.08 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,157 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32. Following the transaction, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the transaction, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 15,230 shares of company stock worth $3,165,817 over the last three months. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wells Fargo & Company decreased their target price on Progressive from $222.00 to $219.00 and set an “equal weight” rating for the company in a research report on Thursday, June 18th. Morgan Stanley dropped their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Barclays set a $247.00 price objective on Progressive in a research report on Wednesday, March 18th. Mizuho lowered their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Finally, Evercore reiterated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $237.58.

Progressive Company 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.