The Progressive Corporation $PGR Shares Sold by Lord & Richards Wealth Management LLC

Lord & Richards Wealth Management LLC decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 42.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,818 shares of the insurance provider’s stock after selling 2,813 shares during the period. Lord & Richards Wealth Management LLC’s holdings in Progressive were worth $869,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in Progressive in the fourth quarter valued at $269,000. Bison Wealth LLC increased its holdings in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its position in shares of Progressive by 76.5% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,538 shares of the insurance provider’s stock worth $1,211,000 after acquiring an additional 1,967 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Progressive by 18.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 58,012 shares of the insurance provider’s stock worth $15,481,000 after acquiring an additional 9,057 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 1.1%

Shares of Progressive stock opened at $200.98 on Tuesday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $289.96. The firm has a market capitalization of $117.57 billion, a PE ratio of 10.45, a P/E/G ratio of 5.74 and a beta of 0.33. The firm’s 50-day moving average price is $205.69 and its 200 day moving average price is $218.96.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is 2.08%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PGR shares. Mizuho dropped their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research report on Friday, March 20th. Keefe, Bruyette & Woods lowered their price target on Progressive from $232.00 to $227.00 and set a “market perform” rating on the stock in a research report on Thursday, March 19th. Bank of America dropped their price objective on Progressive from $305.00 to $295.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Finally, Argus raised Progressive to a “hold” rating in a research note on Thursday, March 5th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $239.22.

Insiders Place Their Bets

In related news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer directly owned 558 shares of the company’s stock, valued at approximately $115,227. This represents a 32.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 11,687 shares of company stock valued at $2,413,044. 0.33% of the stock is owned by corporate insiders.

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.