Pandora Wealth Inc. Sells 66 Shares of The Progressive Corporation $PGR

Pandora Wealth Inc. cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 2.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,590 shares of the insurance provider’s stock after selling 66 shares during the period. Pandora Wealth Inc.’s holdings in Progressive were worth $691,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock worth $15,289,037,000 after acquiring an additional 622,590 shares in the last quarter. GQG Partners LLC increased its position in shares of Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Progressive by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after acquiring an additional 396,567 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Progressive during the first quarter worth about $1,473,180,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Down 0.8%

Progressive stock opened at $240.18 on Monday. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The firm has a 50 day moving average price of $245.20 and a 200-day moving average price of $259.54. The company has a market capitalization of $140.80 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.33 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the prior year, the firm earned $2.48 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. As a group, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

Insider Activity

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 506,945 shares of the company’s stock, valued at $122,741,523.40. This represents a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karen Bailo sold 8,922 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the transaction, the insider directly owned 32,346 shares of the company’s stock, valued at $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PGR shares. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research report on Thursday, September 18th. Wells Fargo & Company lifted their target price on shares of Progressive from $265.00 to $266.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 8th. Jefferies Financial Group cut their target price on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Wolfe Research initiated coverage on Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research note on Thursday. Seven analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $279.63.

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.