Commonwealth Equity Services LLC Has $7.69 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Commonwealth Equity Services LLC trimmed its stake in shares of The Progressive Co. (NYSE:PGRGet Rating) by 8.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,460 shares of the insurance provider’s stock after selling 6,447 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Progressive were worth $7,689,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Stockman Wealth Management Inc. lifted its position in shares of Progressive by 4.1% during the 4th quarter. Stockman Wealth Management Inc. now owns 2,322 shares of the insurance provider’s stock worth $238,000 after buying an additional 92 shares during the period. Centered Wealth LLC dba Miller Equity Capital Advisors lifted its position in shares of Progressive by 1.3% during the 4th quarter. Centered Wealth LLC dba Miller Equity Capital Advisors now owns 8,100 shares of the insurance provider’s stock worth $831,000 after buying an additional 100 shares during the period. WP Advisors LLC lifted its position in shares of Progressive by 1.5% during the 4th quarter. WP Advisors LLC now owns 6,931 shares of the insurance provider’s stock worth $711,000 after buying an additional 105 shares during the period. CENTRAL TRUST Co lifted its position in shares of Progressive by 0.9% during the 4th quarter. CENTRAL TRUST Co now owns 11,518 shares of the insurance provider’s stock worth $1,182,000 after buying an additional 105 shares during the period. Finally, Thoroughbred Financial Services LLC lifted its position in shares of Progressive by 4.6% during the 1st quarter. Thoroughbred Financial Services LLC now owns 2,406 shares of the insurance provider’s stock worth $274,000 after buying an additional 106 shares during the period. 83.68% of the stock is currently owned by institutional investors.

Progressive Stock Down 1.6 %

Shares of Progressive stock opened at $113.26 on Tuesday. The company has a quick ratio of 0.33, a current ratio of 0.45 and a debt-to-equity ratio of 0.41. The Progressive Co. has a 12 month low of $89.35 and a 12 month high of $122.24. The business has a fifty day simple moving average of $115.38 and a 200 day simple moving average of $111.77. The stock has a market cap of $66.24 billion, a PE ratio of 80.90, a price-to-earnings-growth ratio of 1.47 and a beta of 0.45.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, July 7th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, July 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.35%. Progressive’s dividend payout ratio (DPR) is presently 28.57%.

Progressive declared that its board has authorized a stock buyback program on Wednesday, May 18th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

PGR has been the subject of several analyst reports. Jefferies Financial Group raised their target price on Progressive from $106.00 to $125.00 and gave the stock a “hold” rating in a research report on Tuesday, July 12th. Morgan Stanley raised their price target on Progressive from $115.00 to $121.00 and gave the company an “equal weight” rating in a report on Monday, July 18th. Piper Sandler cut Progressive from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $113.00 to $100.00 in a report on Monday, April 18th. Wells Fargo & Company reaffirmed a “sell” rating and set a $98.00 price target on shares of Progressive in a report on Friday, July 15th. Finally, TheStreet cut Progressive from a “b” rating to a “c+” rating in a report on Friday, July 15th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $111.93.

Insider Buying and Selling

In related news, insider Daniel P. Mascaro sold 558 shares of Progressive stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $112.94, for a total transaction of $63,020.52. Following the completion of the sale, the insider now directly owns 38,887 shares of the company’s stock, valued at $4,391,897.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 1,067 shares of Progressive stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $112.59, for a total transaction of $120,133.53. Following the transaction, the insider now directly owns 31,321 shares in the company, valued at $3,526,431.39. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel P. Mascaro sold 558 shares of Progressive stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $112.94, for a total value of $63,020.52. Following the transaction, the insider now owns 38,887 shares in the company, valued at $4,391,897.78. The disclosure for this sale can be found here. 0.33% of the stock is owned by insiders.

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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