Venturi Wealth Management LLC Has $15.13 Million Stake in The Progressive Co. (NYSE:PGR)

Venturi Wealth Management LLC grew its stake in The Progressive Co. (NYSE:PGR) by 5.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,128 shares of the insurance provider’s stock after buying an additional 2,989 shares during the period. Venturi Wealth Management LLC’s holdings in Progressive were worth $15,126,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PGR. D.A. Davidson & CO. boosted its position in Progressive by 0.8% during the fourth quarter. D.A. Davidson & CO. now owns 17,741 shares of the insurance provider’s stock worth $4,251,000 after purchasing an additional 149 shares during the period. Citizens & Northern Corp acquired a new stake in shares of Progressive in the fourth quarter worth $222,000. Empower Advisory Group LLC boosted its holdings in shares of Progressive by 9,038.5% during the 4th quarter. Empower Advisory Group LLC now owns 241,714 shares of the insurance provider’s stock worth $57,917,000 after buying an additional 239,069 shares during the period. Truist Financial Corp grew its stake in Progressive by 7.3% in the 4th quarter. Truist Financial Corp now owns 337,841 shares of the insurance provider’s stock valued at $80,950,000 after buying an additional 22,885 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in Progressive by 4.3% in the 4th quarter. CIBC Asset Management Inc now owns 93,237 shares of the insurance provider’s stock worth $22,341,000 after acquiring an additional 3,879 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company upped their price target on shares of Progressive from $302.00 to $313.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. TD Cowen raised their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a report on Tuesday, December 10th. Barclays lowered their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $275.71.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 9,066 shares of the company’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 transaction of $2,194,878.60. Following the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,361 shares of company stock worth $13,983,575. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $262.71 on Tuesday. The business has a 50 day simple moving average of $244.97 and a 200 day simple moving average of $247.54. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a market capitalization of $153.90 billion, a PE ratio of 18.24, a price-to-earnings-growth ratio of 0.64 and a beta of 0.42. The Progressive Co. has a one year low of $186.94 and a one year high of $270.62.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, sell-side analysts forecast that The Progressive Co. will post 14.44 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued 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 of this dividend was Friday, January 10th. Progressive’s payout ratio is 2.78%.

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.