Legacy Wealth Asset Management LLC Has $2.67 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Legacy Wealth Asset Management LLC lowered its position in shares of The Progressive Co. (NYSE:PGR) by 4.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,157 shares of the insurance provider’s stock after selling 543 shares during the quarter. Progressive comprises 0.7% of Legacy Wealth Asset Management LLC’s holdings, making the stock its 21st biggest position. Legacy Wealth Asset Management LLC’s holdings in Progressive were worth $2,673,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Davis Capital Management acquired a new position in Progressive in the 3rd quarter valued at $25,000. DiNuzzo Private Wealth Inc. raised its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares in the last quarter. Kimelman & Baird LLC bought a new stake in Progressive during the second quarter worth about $36,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Progressive during the third quarter worth about $49,000. Finally, Friedenthal Financial bought a new position in Progressive in the 3rd quarter valued at about $49,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the topic of several analyst reports. Wells Fargo & Company increased their price target on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Bank of America raised their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. TD Cowen boosted their price target on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, January 3rd. Finally, Morgan Stanley reissued an “overweight” rating and set a $310.00 target price on shares of Progressive in a research note on Friday, December 13th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

Progressive Stock Performance

Shares of PGR stock opened at $245.57 on Friday. The stock has a market capitalization of $143.86 billion, a PE ratio of 17.85, a PEG ratio of 0.61 and a beta of 0.41. The business’s 50 day simple moving average is $250.72 and its 200 day simple moving average is $242.01. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a one year low of $166.92 and a one year high of $270.62.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, research analysts forecast that The Progressive Co. will post 13.52 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is currently 2.91%.

Insider Transactions at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,919 shares of company stock valued at $8,222,168. Corporate insiders own 0.34% of the company’s stock.

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.