Modern Wealth Management LLC Has $395,000 Stock Position in The Progressive Co. (NYSE:PGR)

Modern Wealth Management LLC cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,581 shares of the insurance provider’s stock after selling 162 shares during the quarter. Modern Wealth Management LLC’s holdings in Progressive were worth $395,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PGR. Versant Capital Management Inc lifted its position in Progressive by 98.2% in the 4th quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock worth $189,000 after buying an additional 391 shares in the last quarter. Townsquare Capital LLC boosted its position in Progressive by 90.9% during the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after purchasing an additional 3,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Progressive by 2,262.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after purchasing an additional 415,628 shares during the last quarter. Finally, Signal Advisors Wealth LLC raised its stake in shares of Progressive by 42.3% during the 4th quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock worth $2,849,000 after purchasing an additional 3,534 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.8 %

PGR opened at $274.73 on Friday. The business has a 50 day moving average of $264.61 and a 200-day moving average of $255.62. The stock has a market capitalization of $161.05 billion, a price-to-earnings ratio of 19.08, a P/E/G ratio of 1.70 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating 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, sell-side analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Barclays boosted their target price on shares of Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 13th. JPMorgan Chase & Co. raised their price target on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, March 20th. Finally, UBS Group raised their target price on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Friday, March 14th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $281.06.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total value of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares of the company’s stock, valued at $67,530,756.28. The trade was a 3.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,255 shares of company stock worth $16,877,471 over the last three months. Company insiders own 0.34% of the company’s stock.

Progressive 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.