Accurate Wealth Management LLC Sells 320 Shares of The Progressive Co. (NYSE:PGR)

Accurate Wealth Management LLC reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 2.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 11,190 shares of the insurance provider’s stock after selling 320 shares during the quarter. Accurate Wealth Management LLC’s holdings in Progressive were worth $2,636,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in Progressive by 98.2% during the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock valued at $189,000 after purchasing an additional 391 shares during the period. Townsquare Capital LLC boosted its position in shares of Progressive by 90.9% during the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after purchasing an additional 3,720 shares in the last quarter. Diversified Trust Co grew its holdings in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after buying an additional 11,770 shares during the period. Sycomore Asset Management increased its position in shares of Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Progressive by 7.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after buying an additional 330,667 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,919 shares of company stock worth $8,222,168 over the last quarter. 0.34% of the stock is currently owned by insiders.

Progressive Stock Performance

PGR opened at $239.57 on Wednesday. The business’s 50-day simple moving average is $251.06 and its 200 day simple moving average is $242.00. The Progressive Co. has a 52-week low of $166.92 and a 52-week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $140.34 billion, a PE ratio of 17.41, a PEG ratio of 0.70 and a beta of 0.41.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, sell-side analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.17%. The ex-dividend date of this dividend is Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PGR. JPMorgan Chase & Co. boosted their target price on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, January 3rd. Evercore ISI boosted their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. TD Cowen raised their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, Bank of America increased their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $275.24.

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.