Allworth Financial LP decreased its holdings in The Progressive Co. (NYSE:PGR – Get Rating) by 14.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,599 shares of the insurance provider's stock after selling 1,899 shares during the quarter. Allworth Financial LP's holdings in Progressive were worth $1,349,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Blume Capital Management Inc. bought a new position in Progressive in the 1st quarter valued at $25,000. Cornerstone Advisory LLC bought a new position in Progressive in the 4th quarter valued at $30,000. Byrne Asset Management LLC bought a new stake in shares of Progressive during the fourth quarter worth $31,000. Steward Financial Group LLC raised its position in shares of Progressive by 953.3% during the first quarter. Steward Financial Group LLC now owns 316 shares of the insurance provider's stock worth $36,000 after acquiring an additional 286 shares during the last quarter. Finally, Core Alternative Capital raised its position in shares of Progressive by 1,254.2% during the first quarter. Core Alternative Capital now owns 325 shares of the insurance provider's stock worth $37,000 after acquiring an additional 301 shares during the last quarter. Institutional investors own 85.05% of the company's stock.
Get Progressive alerts:Insider Transactions at Progressive
In other news, insider Patrick K. Callahan sold 19,068 shares of the company's stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the completion of the transaction, the insider now directly owns 13,151 shares of the company's stock, valued at $1,654,001.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Patrick K. Callahan sold 19,068 shares of the company's stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the completion of the transaction, the insider now directly owns 13,151 shares of the company's stock, valued at $1,654,001.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Quigg sold 3,180 shares of the company's stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $126.43, for a total value of $402,047.40. Following the transaction, the insider now directly owns 24,061 shares of the company's stock, valued at $3,042,032.23. The disclosure for this sale can be found here. 0.37% of the stock is owned by insiders.
Progressive Stock Up 0.9 %
NYSE:PGR opened at $122.42 on Friday. The Progressive Co. has a 1 year low of $89.35 and a 1 year high of $129.76. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The stock has a market cap of $71.60 billion, a price-to-earnings ratio of 87.44, a PEG ratio of 0.85 and a beta of 0.42. The stock has a 50-day moving average price of $121.04 and a two-hundred day moving average price of $116.04.Progressive Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, October 7th will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.33%. Progressive's payout ratio is 28.57%.
Analyst Ratings Changes
PGR has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on Progressive from $121.00 to $130.00 and gave the stock an "equal weight" rating in a research report on Friday, August 19th. Raymond James boosted their target price on Progressive from $135.00 to $140.00 and gave the stock an "outperform" rating in a research report on Monday, August 29th. Keefe, Bruyette & Woods upgraded Progressive from an "underperform" rating to a "market perform" rating and boosted their target price for the stock from $96.00 to $107.00 in a research report on Thursday, June 23rd. Barclays boosted their target price on Progressive from $90.00 to $106.00 and gave the stock an "underweight" rating in a research report on Thursday, August 18th. Finally, TheStreet downgraded Progressive from a "b" rating to a "c+" rating in a report on Friday, July 15th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $118.08.
About Progressive
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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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