Atria Wealth Solutions Inc. Trims Position in The Progressive Co. (NYSE:PGR)

Atria Wealth Solutions Inc. cut its position in The Progressive Co. (NYSE:PGR) by 31.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,876 shares of the insurance provider’s stock after selling 9,301 shares during the period. Atria Wealth Solutions Inc.’s holdings in Progressive were worth $4,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. OLD National Bancorp IN increased its stake in shares of Progressive by 8.1% in the third quarter. OLD National Bancorp IN now owns 1,620 shares of the insurance provider’s stock worth $411,000 after purchasing an additional 122 shares in the last quarter. Whittier Trust Co. grew its stake in Progressive by 1.9% during the third quarter. Whittier Trust Co. now owns 4,343 shares of the insurance provider’s stock valued at $1,102,000 after acquiring an additional 81 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Progressive by 38.7% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 631 shares of the insurance provider’s stock valued at $160,000 after acquiring an additional 176 shares in the last quarter. Raleigh Capital Management Inc. grew its stake in Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after acquiring an additional 41 shares in the last quarter. Finally, Foundations Investment Advisors LLC purchased a new position in Progressive during the third quarter valued at $212,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the company’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 value of $2,680,900.00. Following the completion of the sale, the chief financial officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 11,021 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at $115,255,231.44. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,361 shares of company stock valued at $13,983,575 in the last three months. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a research note on Thursday, December 26th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Bank of America raised their target price on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Progressive has an average rating of “Moderate Buy” and an average price target of $275.88.

Progressive Stock Performance

Shares of NYSE:PGR opened at $269.71 on Thursday. The company has a market capitalization of $158.00 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 0.66 and a beta of 0.42. The Progressive Co. has a 12 month low of $186.94 and a 12 month high of $270.79. The firm’s 50-day moving average is $246.11 and its 200 day moving average is $248.36. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (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%. Research analysts predict that The Progressive Co. will post 14.44 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive’s dividend payout ratio (DPR) is 2.78%.

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.