Weik Capital Management Has $24.49 Million Position in The Progressive Corporation (NYSE:PGR)

Weik Capital Management trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR) by 2.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 86,525 shares of the insurance provider’s stock after selling 2,440 shares during the quarter. Progressive accounts for about 10.0% of Weik Capital Management’s portfolio, making the stock its 2nd largest holding. Weik Capital Management’s holdings in Progressive were worth $24,487,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Progressive in the 1st quarter valued at approximately $1,473,180,000. GQG Partners LLC lifted its position in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. GAMMA Investing LLC lifted its position in Progressive by 39,285.0% in the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock worth $862,059,000 after buying an additional 3,038,303 shares in the last quarter. Capital Research Global Investors lifted its position in Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after buying an additional 1,547,677 shares in the last quarter. Finally, C WorldWide Group Holding A S lifted its position in Progressive by 12,110.3% in the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after buying an additional 1,238,402 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

NYSE PGR opened at $247.02 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $144.81 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 1.48 and a beta of 0.33. The company’s fifty day moving average is $253.14 and its two-hundred day moving average is $266.25. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the business posted $2.48 EPS. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is 2.25%.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the sale, the chief executive officer directly owned 506,945 shares in the company, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $552,814.32. Following the sale, the insider owned 47,942 shares in the company, valued at approximately $11,949,064.08. This trade represents a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,313 shares of company stock worth $28,349,549. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a research report on Thursday, July 17th. Wells Fargo & Company increased their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a research report on Wednesday. Finally, Bank of America cut their price target on shares of Progressive from $337.00 to $336.00 and set a “buy” rating on the stock in a report on Thursday, July 17th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $284.88.

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.