Congress Wealth Management LLC DE Sells 6,059 Shares of The Progressive Co. (NYSE:PGR)

Congress Wealth Management LLC DE reduced its position in shares of The Progressive Co. (NYSE:PGR) by 36.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,767 shares of the insurance provider’s stock after selling 6,059 shares during the period. Congress Wealth Management LLC DE’s holdings in Progressive were worth $2,580,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Webster Bank N. A. bought a new stake in shares of Progressive during the 4th quarter worth $26,000. Hager Investment Management Services LLC acquired a new position in Progressive during the fourth quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 41 shares during the last quarter. Valley National Advisers Inc. boosted its stake in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares in the last quarter. Finally, Atala Financial Inc bought a new stake in shares of Progressive during the 4th quarter valued at approximately $32,000. 85.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PGR. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research note on Tuesday, December 10th. Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Wells Fargo & Company upped their target price on Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. UBS Group lifted their price target on Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, March 14th. Finally, Morgan Stanley upped their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $281.06.

Progressive Price Performance

PGR stock opened at $272.49 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a market cap of $159.74 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 1.70 and a beta of 0.35. The company’s fifty day simple moving average is $264.03 and its 200 day simple moving average is $255.49. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, analysts expect that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is 2.78%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $115,255,231.44. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,255 shares of company stock worth $16,877,471 in the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive 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.