The Progressive Corporation $PGR Shares Sold by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC decreased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,000 shares of the insurance provider’s stock after selling 275 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Progressive were worth $1,868,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Rise Advisors LLC raised its stake in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after acquiring an additional 36 shares during the period. Pinnacle Wealth Management Advisory Group LLC raised its stake in Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock worth $545,000 after acquiring an additional 39 shares during the period. True North Advisors LLC raised its stake in Progressive by 4.0% during the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock worth $299,000 after acquiring an additional 41 shares during the period. GenTrust LLC raised its stake in Progressive by 3.5% during the first quarter. GenTrust LLC now owns 1,234 shares of the insurance provider’s stock worth $349,000 after acquiring an additional 42 shares during the period. Finally, Prosperity Consulting Group LLC raised its stake in Progressive by 1.1% during the first quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock worth $1,082,000 after acquiring an additional 42 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Citigroup reiterated a “buy” rating on shares of Progressive in a research note on Friday, August 29th. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Jefferies Financial Group decreased their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Evercore ISI decreased their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a research report on Wednesday. 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, the company has an average rating of “Hold” and an average price target of $279.63.

Insider Activity

In related news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the firm’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 transaction of $2,017,201.34. Following the sale, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock valued at $31,997,390 in the last ninety days. 0.34% of the stock is owned by company insiders.

Progressive Trading Down 0.8%

Progressive stock opened at $240.18 on Friday. The firm has a 50 day simple moving average of $245.20 and a 200-day simple moving average of $259.65. 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 stock has a market capitalization of $140.80 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.34 and a beta of 0.32. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

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

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) 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.