Northwestern Mutual Wealth Management Co. Buys 9,057 Shares of The Progressive Corporation $PGR

Northwestern Mutual Wealth Management Co. increased its stake in The Progressive Corporation (NYSE:PGR) by 18.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,012 shares of the insurance provider’s stock after purchasing an additional 9,057 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Progressive were worth $15,481,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PGR. New York Life Investment Management LLC lifted its holdings in shares of Progressive by 1.4% in the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after buying an additional 1,192 shares in the last quarter. Baron Silver Stevens Financial Advisors LLC bought a new stake in Progressive in the 2nd quarter valued at $306,000. Wakefield Asset Management LLLP lifted its stake in Progressive by 199.0% in the 2nd quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock worth $2,511,000 after purchasing an additional 6,263 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Progressive during the 2nd quarter valued at about $13,583,000. Finally, Whalen Wealth Management Inc. bought a new position in shares of Progressive during the 2nd quarter valued at about $647,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.2%

Shares of PGR opened at $228.63 on Monday. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The business has a fifty day moving average of $227.31 and a 200 day moving average of $246.26. The company has a market cap of $134.07 billion, a PE ratio of 12.54, a P/E/G 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.

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

Insider Activity

In other Progressive news, 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 value of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider owned 27,698 shares of the company’s stock, valued at $6,323,176.42. This trade represents a 4.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 43,332 shares of company stock valued at $10,564,558. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research report on Wednesday, August 13th. Jefferies Financial Group cut Progressive from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $261.00 to $232.00 in a report on Friday, November 14th. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Wednesday. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $266.52.

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.