The Progressive Corporation $PGR Stock Holdings Trimmed by Sheets Smith Wealth Management

Sheets Smith Wealth Management lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 79.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 3,921 shares of the insurance provider’s stock after selling 14,799 shares during the quarter. Sheets Smith Wealth Management’s holdings in Progressive were worth $968,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp bought a new position in Progressive in the 2nd quarter valued at about $33,000. Ransom Advisory Ltd bought a new position in shares of Progressive in the first quarter valued at approximately $35,000. Howard Hughes Medical Institute acquired a new position in shares of Progressive during the second quarter valued at approximately $34,000. Activest Wealth Management raised its holdings in Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 127 shares in the last quarter. Finally, Westside Investment Management Inc. lifted its position in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. Raymond James Financial lowered their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Mizuho started coverage on shares of Progressive in a report on Monday, December 15th. They issued a “neutral” rating and a $242.00 price target for the company. Citigroup reduced their price objective on shares of Progressive from $301.38 to $300.60 and set a “buy” rating for the company in a research report on Monday, December 15th. Finally, Evercore ISI dropped their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $264.98.

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the sale, the insider owned 27,698 shares of the company’s stock, valued at $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,034 shares of company stock worth $2,047,481 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Price Performance

PGR stock opened at $227.15 on Friday. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99. The firm has a 50-day moving average of $222.51 and a two-hundred day moving average of $239.33. The firm has a market capitalization of $133.20 billion, a PE ratio of 12.46, a P/E/G ratio of 1.27 and a beta of 0.36. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (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 firm had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same quarter in the prior year, the firm earned $3.58 EPS. On average, analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd will be given 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 Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is 2.19%.

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.