Waldron Private Wealth LLC Sells 227 Shares of The Progressive Corporation $PGR

Waldron Private Wealth LLC lessened its position in The Progressive Corporation (NYSE:PGR) by 1.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 16,621 shares of the insurance provider’s stock after selling 227 shares during the period. Waldron Private Wealth LLC’s holdings in Progressive were worth $4,435,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PGR. TruNorth Capital Management LLC lifted its stake 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 buying an additional 63 shares in the last quarter. Ransom Advisory Ltd bought a new position in Progressive during the first quarter valued at approximately $35,000. Activest Wealth Management lifted its position in Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares during the period. Richardson Financial Services Inc. lifted its position in Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 132 shares during the period. Finally, Accent Capital Management LLC bought a new position in Progressive during the first quarter valued at approximately $39,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.8%

Shares of PGR stock opened at $218.93 on Friday. The Progressive Corporation has a 12 month low of $217.20 and a 12 month high of $292.99. The stock has a market cap of $128.34 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.26 and a beta of 0.32. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The company has a 50 day simple moving average of $241.10 and a two-hundred day simple moving average of $256.39.

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

Progressive Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on PGR shares. Raymond James Financial lowered their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $270.00 to $262.00 and set a “market perform” rating on the stock in a research report on Thursday, October 16th. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Finally, Wolfe Research started coverage on shares of Progressive in a research report on Monday, September 15th. They set a “peer perform” rating on the stock. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $270.40.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,345 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares of the company’s stock, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on 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 sale, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,778 shares of company stock valued at $31,683,756. Company 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.