The Progressive Corporation $PGR Shares Sold by Fairvoy Private Wealth LLC

Fairvoy Private Wealth LLC lowered its holdings in The Progressive Corporation (NYSE:PGR) by 81.0% in the first quarter, HoldingsChannel reports. The firm owned 3,016 shares of the insurance provider’s stock after selling 12,855 shares during the period. Fairvoy Private Wealth LLC’s holdings in Progressive were worth $598,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PGR. Klingman & Associates LLC increased its stake in shares of Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after buying an additional 48 shares during the last quarter. Revisor Wealth Management LLC boosted its stake in Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after acquiring an additional 50 shares during the last quarter. Cullen Investment Group LTD. grew its holdings in Progressive by 0.7% during the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after acquiring an additional 52 shares in the last quarter. Pines Wealth Management LLC grew its holdings in Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 52 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its position in shares of Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction 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. This represents a 23.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock worth $3,165,817 in the last 90 days. 0.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PGR has been the topic of a number of recent analyst reports. Jefferies Financial Group cut their target price on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Bank of America lowered their price objective on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a report on Thursday, June 18th. Mizuho cut their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. UBS Group upped their price objective on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus price target of $237.58.

Progressive Trading Down 2.2%

Progressive stock opened at $215.69 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $267.92. The firm’s 50-day moving average is $201.40 and its 200-day moving average is $206.76. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company has a market cap of $126.04 billion, a P/E ratio of 10.97, a PEG ratio of 6.69 and a beta of 0.28.

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

Progressive Announces Dividend

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

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.