Valley Wealth Managers Inc. Sells 2,941 Shares of The Progressive Co. (NYSE:PGR)

Valley Wealth Managers Inc. lessened its holdings in The Progressive Co. (NYSE:PGR) by 2.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 97,814 shares of the insurance provider’s stock after selling 2,941 shares during the period. Progressive makes up about 1.8% of Valley Wealth Managers Inc.’s investment portfolio, making the stock its 13th largest position. Valley Wealth Managers Inc.’s holdings in Progressive were worth $23,437,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PGR. Webster Bank N. A. bought a new stake in Progressive in the fourth quarter worth $26,000. Hager Investment Management Services LLC bought a new stake in Progressive in the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC increased its position in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the last quarter. Valley National Advisers Inc. increased its position in Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 120 shares during the last quarter. Finally, Independence Bank of Kentucky increased its position in Progressive by 1,650.0% during the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock valued at $42,000 after acquiring an additional 165 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,361 shares of company stock valued at $13,983,575. 0.34% of the stock is currently owned by insiders.

Progressive Stock Up 0.2 %

NYSE:PGR opened at $262.71 on Tuesday. The Progressive Co. has a 1-year low of $186.94 and a 1-year high of $270.62. The company has a 50-day moving average of $244.97 and a 200 day moving average of $247.54. The firm has a market cap of $153.90 billion, a PE ratio of 18.24, a price-to-earnings-growth ratio of 0.64 and a beta of 0.42. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, research analysts anticipate that The Progressive Co. will post 14.44 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is 2.78%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Barclays cut their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. BMO Capital Markets cut their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Wells Fargo & Company boosted their price objective on shares of Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, Bank of America boosted their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.71.

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.