Wealthspire Advisors LLC Cuts Stock Holdings in The Progressive Co. (NYSE:PGR)

Wealthspire Advisors LLC cut its stake in shares of The Progressive Co. (NYSE:PGR) by 2.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,142 shares of the insurance provider’s stock after selling 207 shares during the period. Wealthspire Advisors LLC’s holdings in Progressive were worth $1,615,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Compass Ion Advisors LLC grew its stake in Progressive by 0.8% during the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after buying an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC increased its holdings in Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 62 shares in the last quarter. Quent Capital LLC raised its position in Progressive by 19.3% in the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 69 shares during the period. BSW Wealth Partners lifted its stake in shares of Progressive by 4.2% during the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after purchasing an additional 69 shares in the last quarter. Finally, Invesco LLC boosted its position in shares of Progressive by 2.0% in the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after buying an additional 70 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,139 shares of company stock valued at $7,458,139. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on PGR shares. TD Cowen assumed coverage on Progressive in a research report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price target on the stock. Citigroup raised their price target on shares of Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Morgan Stanley raised their target price on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, UBS Group increased their price target on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $211.88.

Progressive Stock Performance

Shares of NYSE:PGR traded down $2.18 during trading on Thursday, hitting $213.72. 1,923,243 shares of the company traded hands, compared to its average volume of 2,593,481. The stock has a market capitalization of $125.18 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 0.82 and a beta of 0.34. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The business’s fifty day moving average is $205.69 and its 200-day moving average is $180.98.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the prior year, the business earned $0.65 EPS. The firm’s revenue was up 17.7% on a year-over-year basis. As a group, equities analysts predict that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s payout ratio is currently 4.09%.

Progressive Profile

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.