The Progressive Co. (NYSE:PGR) Shares Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC lowered its stake in The Progressive Co. (NYSE:PGR) by 34.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,666 shares of the insurance provider’s stock after selling 3,027 shares during the period. SteelPeak Wealth LLC’s holdings in Progressive were worth $1,358,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PGR. Davis Capital Management acquired a new stake in Progressive during the third quarter valued at approximately $25,000. Webster Bank N. A. acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $26,000. DiNuzzo Private Wealth Inc. lifted its stake in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC acquired a new position in Progressive in the second quarter worth $36,000. Finally, Friedenthal Financial acquired a new stake in shares of Progressive during the third quarter worth $49,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PGR shares. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company raised their price target on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, TD Cowen boosted their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $274.65.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $115,255,231.44. This represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,506 shares of company stock valued at $10,531,159. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.5 %

PGR opened at $246.25 on Thursday. The stock’s fifty day moving average is $247.89 and its 200-day moving average is $244.25. The Progressive Co. has a one year low of $175.50 and a one year high of $270.62. The company has a market capitalization of $144.26 billion, a PE ratio of 17.90, a P/E/G ratio of 0.62 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, equities analysts predict that The Progressive Co. will post 13.51 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is 2.91%.

Progressive Company 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.