Orgel Wealth Management LLC Sells 111 Shares of The Progressive Corporation $PGR

Orgel Wealth Management LLC lowered its holdings in The Progressive Corporation (NYSE:PGR) by 4.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,344 shares of the insurance provider’s stock after selling 111 shares during the quarter. Orgel Wealth Management LLC’s holdings in Progressive were worth $626,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. State of Alaska Department of Revenue raised its holdings in shares of Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock valued at $19,426,000 after purchasing an additional 1,800 shares in the last quarter. Belmont Capital LLC bought a new stake in shares of Progressive in the 1st quarter valued at about $580,000. Trust Co. of Oklahoma bought a new stake in shares of Progressive in the 2nd quarter valued at about $439,000. Zurich Insurance Group Ltd FI raised its holdings in shares of Progressive by 87.9% in the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock valued at $117,218,000 after purchasing an additional 193,800 shares in the last quarter. Finally, QRG Capital Management Inc. raised its holdings in shares of Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider’s stock valued at $35,893,000 after purchasing an additional 33,864 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of several recent research reports. UBS Group reduced their price target on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a report on Monday, July 21st. Bank of America cut their price objective on shares of Progressive from $347.00 to $343.00 and set a “buy” rating on the stock in a research report on Thursday. BMO Capital Markets set a $252.00 price objective on shares of Progressive in a research report on Thursday. Evercore ISI downgraded shares of Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective on the stock. in a research report on Thursday, July 17th. Finally, Barclays cut their price objective on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 19th. Six analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus price target of $279.44.

Progressive Stock Down 0.7%

NYSE:PGR opened at $241.93 on Friday. The company has a market cap of $141.82 billion, a PE ratio of 13.63, a P/E/G ratio of 1.40 and a beta of 0.32. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company’s 50 day moving average is $245.88 and its two-hundred day moving average is $263.75.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share 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 the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.48 EPS. Analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This represents a 6.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $337,299.10. Following the completion of the sale, the insider directly owned 31,733 shares in the company, valued at $7,958,001.74. This trade represents a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 130,062 shares of company stock worth $32,217,635 in the last 90 days. 0.34% of the stock is owned by insiders.

About Progressive

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.