The Progressive Corporation $PGR Position Boosted by RWA Wealth Partners LLC

RWA Wealth Partners LLC grew its position in shares of The Progressive Corporation (NYSE:PGR) by 1,226.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,785 shares of the insurance provider’s stock after buying an additional 60,825 shares during the quarter. RWA Wealth Partners LLC’s holdings in Progressive were worth $16,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of the business. Davis Capital Management bought a new stake in Progressive during the third quarter valued at about $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive in the second quarter valued at approximately $33,000. Westside Investment Management Inc. increased its holdings in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. Howard Hughes Medical Institute bought a new stake in shares of Progressive in the 2nd quarter worth approximately $34,000. Finally, TruNorth Capital Management LLC increased its holdings in Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGR. Mizuho set a $240.00 price target on shares of Progressive in a report on Wednesday, January 14th. Bank of America decreased their price objective on Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research note on Tuesday, December 9th. Citigroup cut their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Morgan Stanley decreased their price objective on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research report on Wednesday, January 28th. Finally, UBS Group dropped their price target on Progressive from $226.00 to $218.00 and set a “neutral” rating on the stock in a research note on Monday. Six analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $244.71.

Progressive Stock Performance

NYSE:PGR opened at $205.85 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99. The company has a market cap of $120.71 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 8.88 and a beta of 0.32. The stock has a fifty day moving average price of $211.50 and a 200-day moving average price of $225.87.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio is presently 2.08%.

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the transaction, the insider directly owned 26,354 shares in the company, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 13,364 shares of company stock worth $2,876,122. Corporate insiders own 0.33% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.