RWA Wealth Partners LLC Raises Position in The Progressive Corporation $PGR

RWA Wealth Partners LLC boosted its position in The Progressive Corporation (NYSE:PGR) by 1,226.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 65,785 shares of the insurance provider’s stock after purchasing an additional 60,825 shares during the period. RWA Wealth Partners LLC’s holdings in Progressive were worth $16,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $269,000. Bison Wealth LLC boosted its position in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after acquiring an additional 80 shares during the period. Brookstone Capital Management grew its stake in Progressive by 6.7% during the second quarter. Brookstone Capital Management now owns 1,324 shares of the insurance provider’s stock valued at $353,000 after acquiring an additional 83 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC lifted its stake in Progressive by 16.1% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 5,990 shares of the insurance provider’s stock worth $1,599,000 after purchasing an additional 832 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. JPMorgan Chase & Co. decreased their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Mizuho set a $240.00 target price on Progressive in a research note on Wednesday, January 14th. Roth Mkm set a $235.00 price target on shares of Progressive in a research report on Thursday, February 19th. BMO Capital Markets lowered their price target on Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a report on Thursday, January 29th. Finally, Zacks Research cut shares of Progressive from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average target price of $244.71.

Insider Activity

In related news, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares in the company, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the transaction, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 13,364 shares of company stock worth $2,876,122 over the last 90 days. Company insiders own 0.33% of the company’s stock.

Progressive Trading Up 1.1%

Shares of NYSE PGR opened at $205.85 on Wednesday. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The stock has a market capitalization of $120.71 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 8.88 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The business has a fifty day moving average price of $211.50 and a 200 day moving average price of $225.87.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is 2.08%.

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.