The Progressive Corporation $PGR Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC trimmed its position in The Progressive Corporation (NYSE:PGR) by 13.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 43,578 shares of the insurance provider’s stock after selling 7,026 shares during the period. NewEdge Wealth LLC’s holdings in Progressive were worth $8,639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP boosted its holdings in shares of Progressive by 17.2% in the first quarter. First Trust Advisors LP now owns 1,453,827 shares of the insurance provider’s stock valued at $288,207,000 after acquiring an additional 212,902 shares in the last quarter. Westpac Banking Corp raised its holdings in Progressive by 39.3% during the first quarter. Westpac Banking Corp now owns 8,470 shares of the insurance provider’s stock worth $1,679,000 after purchasing an additional 2,390 shares in the last quarter. CacheTech Inc. raised its holdings in Progressive by 26.2% during the first quarter. CacheTech Inc. now owns 15,534 shares of the insurance provider’s stock worth $3,079,000 after purchasing an additional 3,223 shares in the last quarter. Danica Pension Livsforsikringsaktieselskab acquired a new stake in Progressive in the first quarter valued at about $6,226,000. Finally, ABN Amro Investment Solutions lifted its position in Progressive by 2.5% in the first quarter. ABN Amro Investment Solutions now owns 32,097 shares of the insurance provider’s stock valued at $6,363,000 after purchasing an additional 787 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was 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 of the company’s stock, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider directly owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock valued at $3,165,817 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Progressive Trading Up 1.2%

Shares of Progressive stock opened at $207.06 on Friday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The stock has a market cap of $120.99 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 2.75 and a beta of 0.26. The company has a 50-day moving average of $209.60 and a two-hundred day moving average of $205.86.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were issued a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.

Analyst Ratings Changes

PGR has been the topic of a number of analyst reports. Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Wells Fargo & Company reduced their price target on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. Evercore set a $240.00 price target on Progressive in a research note on Friday, July 10th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $250.00 price objective on shares of Progressive in a report on Tuesday, July 14th. Finally, Bank of America cut their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $236.11.

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.