Wealthstar Advisors LLC Sells 375 Shares of The Progressive Corporation $PGR

Wealthstar Advisors LLC reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 18.4% in the 2nd quarter, Holdings Channel reports. The firm owned 1,663 shares of the insurance provider’s stock after selling 375 shares during the quarter. Wealthstar Advisors LLC’s holdings in Progressive were worth $444,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Stiles Financial Services Inc bought a new position in Progressive during the 2nd quarter worth $398,000. Verde Servicos Internacionais S.A. bought a new position in Progressive during the 2nd quarter worth $17,445,000. IFP Advisors Inc raised its position in Progressive by 11.7% during the 2nd quarter. IFP Advisors Inc now owns 5,385 shares of the insurance provider’s stock worth $1,480,000 after purchasing an additional 563 shares during the last quarter. Callan Family Office LLC raised its position in Progressive by 352.3% during the 2nd quarter. Callan Family Office LLC now owns 24,286 shares of the insurance provider’s stock worth $6,481,000 after purchasing an additional 18,916 shares during the last quarter. Finally, TFR Capital LLC. raised its position in Progressive by 1.7% during the 2nd quarter. TFR Capital LLC. now owns 7,621 shares of the insurance provider’s stock worth $2,034,000 after purchasing an additional 131 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock worth $31,997,390 over the last 90 days. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Bank of America raised their target price on Progressive from $343.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. Keefe, Bruyette & Woods raised their target price on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research report on Thursday, September 18th. JPMorgan Chase & Co. increased their price target on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday. Jefferies Financial Group decreased their price target on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Finally, Wells Fargo & Company increased their price target on Progressive from $265.00 to $266.00 and gave the stock an “equal weight” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $279.63.

Progressive Stock Performance

Shares of PGR opened at $241.90 on Friday. 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 50-day moving average of $245.21 and a 200-day moving average of $259.98. The company has a market cap of $141.80 billion, a PE ratio of 13.63, a P/E/G ratio of 1.35 and a beta of 0.32. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99.

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

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.25%.

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.