Wambolt & Associates LLC Has $4.18 Million Position in The Progressive Corporation $PGR

Wambolt & Associates LLC cut its stake in The Progressive Corporation (NYSE:PGR) by 5.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,816 shares of the insurance provider’s stock after selling 885 shares during the quarter. Progressive accounts for 1.4% of Wambolt & Associates LLC’s holdings, making the stock its 16th biggest position. Wambolt & Associates LLC’s holdings in Progressive were worth $4,180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new position in Progressive during the second quarter valued at approximately $33,000. Westside Investment Management Inc. boosted its position in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares in the last quarter. Ransom Advisory Ltd acquired a new position in shares of Progressive in the 1st quarter valued at $35,000. Activest Wealth Management increased its position in shares of Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares in the last quarter. Finally, Richardson Financial Services Inc. raised its stake in Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after buying an additional 132 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 0.5%

NYSE:PGR opened at $226.19 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The company has a market cap of $132.64 billion, a PE ratio of 12.41, a PEG ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99. The stock has a 50-day simple moving average of $228.11 and a 200 day simple moving average of $247.35.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the previous year, the firm posted $3.58 EPS. On average, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PGR has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. The Goldman Sachs Group dropped their price target on Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. UBS Group cut their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Jefferies Financial Group lowered Progressive from a “buy” rating to a “hold” rating and decreased their price objective for the company from $261.00 to $232.00 in a research report on Friday, November 14th. Finally, Evercore ISI dropped their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $266.52.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Jo Murphy sold 2,218 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the transaction, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 43,332 shares of company stock worth $10,564,558. Company insiders own 0.34% of the company’s stock.

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.