J.W. Cole Advisors Inc. Decreases Holdings in The Progressive Corporation $PGR

J.W. Cole Advisors Inc. cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 68.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,354 shares of the insurance provider’s stock after selling 7,256 shares during the period. J.W. Cole Advisors Inc.’s holdings in Progressive were worth $828,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Davis Capital Management bought a new position in shares of Progressive during the third quarter valued at approximately $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive in the second quarter valued at approximately $33,000. Westside Investment Management Inc. grew its stake in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in Progressive during the 2nd quarter worth $34,000. Finally, TruNorth Capital Management LLC increased its holdings in Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Raymond James Financial dropped their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Bank of America dropped their target price on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a report on Tuesday, December 9th. The Goldman Sachs Group set a $227.00 price target on shares of Progressive in a report on Wednesday, January 7th. Morgan Stanley lowered their price target on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research report on Wednesday, January 28th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $251.29.

Progressive Trading Down 0.4%

NYSE PGR opened at $201.44 on Tuesday. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. The company has a 50 day moving average price of $216.67 and a 200 day moving average price of $228.89. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The firm has a market cap of $118.12 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 1.25 and a beta of 0.33.

Progressive Dividend Announcement

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

Insiders Place Their Bets

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the sale, the executive owned 26,249 shares of the company’s stock, valued at $5,363,983.15. This trade represents a 10.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the transaction, the insider 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 90 days, insiders have sold 12,443 shares of company stock worth $2,723,061. 0.33% of the stock is currently owned by company 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.