Robertson Stephens Wealth Management LLC Trims Stock Position in The Progressive Corporation $PGR

Robertson Stephens Wealth Management LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 22.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,029 shares of the insurance provider’s stock after selling 293 shares during the period. Robertson Stephens Wealth Management LLC’s holdings in Progressive were worth $275,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Baron Silver Stevens Financial Advisors LLC acquired a new position in Progressive during the 2nd quarter worth approximately $306,000. State of Alaska Department of Revenue lifted its stake in shares of Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after purchasing an additional 1,800 shares during the period. Trust Co. of Oklahoma purchased a new position in shares of Progressive during the 2nd quarter worth $439,000. Belmont Capital LLC purchased a new position in shares of Progressive in the 1st quarter worth $580,000. Finally, Zurich Insurance Group Ltd FI raised its position 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 worth $117,218,000 after buying an additional 193,800 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the sale, the insider owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock worth $31,997,390 over the last quarter. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PGR. JPMorgan Chase & Co. raised their price objective on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Barclays set a $271.00 target price on Progressive in a research note on Wednesday. Keefe, Bruyette & Woods raised their target price on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. Finally, Wells Fargo & Company raised their target price on Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus price target of $279.63.

Progressive Price Performance

Shares of NYSE:PGR opened at $240.18 on Monday. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The stock has a market cap of $140.80 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.33 and a beta of 0.32. The stock’s 50 day moving average price is $245.20 and its 200 day moving average price is $259.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

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

Progressive Dividend Announcement

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

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.