NewEdge Wealth LLC Trims Stock Position in The Progressive Corporation $PGR

NewEdge Wealth LLC cut its holdings in The Progressive Corporation (NYSE:PGR) by 13.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,578 shares of the insurance provider’s stock after selling 7,026 shares during the period. NewEdge Wealth LLC’s holdings in Progressive were worth $8,639,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Bogart Wealth LLC lifted its stake in shares of Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares during the last quarter. Bard Associates Inc. purchased a new position in shares of Progressive during the 4th quarter worth $27,000. HHM Wealth Advisors LLC increased its position in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. purchased a new stake in Progressive in the 4th quarter valued at about $29,000. Finally, Entrust Financial LLC purchased a new stake in Progressive in the 4th quarter valued at about $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of PGR opened at $207.06 on Friday. The firm has a market capitalization of $120.99 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 2.75 and a beta of 0.26. The firm’s fifty day simple moving average is $209.60 and its 200-day simple moving average is $205.86. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $250.00 price target on shares of Progressive in a research note on Tuesday, July 14th. BMO Capital Markets lowered their price objective on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Evercore set a $240.00 target price on shares of Progressive in a report on Friday, July 10th. Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Finally, Mizuho upped their price target on Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average target price of $236.11.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider directly owned 27,511 shares in the company, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock valued at $3,165,817 in the last ninety days. Insiders own 0.32% of the company’s stock.

Progressive Profile

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.