The Progressive Corporation $PGR Shares Sold by Dakota Wealth Management

Dakota Wealth Management cut its stake in The Progressive Corporation (NYSE:PGR) by 39.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,941 shares of the insurance provider’s stock after selling 34,564 shares during the period. Dakota Wealth Management’s holdings in Progressive were worth $13,074,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Davis Capital Management acquired a new stake in shares of Progressive during the third quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new position in shares of Progressive in the second quarter valued at approximately $33,000. Howard Hughes Medical Institute bought a new position in Progressive in the 2nd quarter worth approximately $34,000. Westside Investment Management Inc. boosted its holdings in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the period. Finally, TruNorth Capital Management LLC grew its position in Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after buying an additional 135 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the sale, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 11,098 shares of company stock valued at $2,416,011 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PGR. HSBC lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Morgan Stanley dropped their target price on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research note on Wednesday, January 28th. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Citigroup dropped their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Finally, BMO Capital Markets reduced their price objective on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a research note on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $244.71.

Progressive Stock Performance

PGR opened at $203.52 on Tuesday. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The company has a market capitalization of $119.34 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 8.92 and a beta of 0.33. The business has a fifty day simple moving average of $212.01 and a 200 day simple moving average of $226.15. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29.

Progressive Announces Dividend

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

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.