Cwm LLC Reduces Stock Position in The Progressive Co. (NYSE:PGR)

Cwm LLC lessened its position in shares of The Progressive Co. (NYSE:PGR) by 3.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 105,298 shares of the insurance provider’s stock after selling 3,239 shares during the quarter. Cwm LLC’s holdings in Progressive were worth $16,772,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PGR. Markel Corp grew its stake in Progressive by 4.1% during the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after purchasing an additional 29,750 shares during the last quarter. Roundview Capital LLC lifted its holdings in shares of Progressive by 0.8% in the 1st quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock valued at $5,595,000 after buying an additional 381 shares during the period. Cibc World Market Inc. lifted its holdings in shares of Progressive by 3.9% in the 1st quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock valued at $763,000 after buying an additional 254 shares during the period. Moors & Cabot Inc. lifted its holdings in shares of Progressive by 8.0% in the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock valued at $351,000 after buying an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its holdings in shares of Progressive by 103.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after buying an additional 3,571 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group boosted their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. Jefferies Financial Group upped their price target on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Roth Mkm upped their price target on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, Citigroup upped their price target on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus target price of $211.88.

Insider Activity

In other news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The disclosure for this sale can be found here. Insiders sold 39,139 shares of company stock worth $7,458,139 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $214.69 on Monday. The business has a 50 day simple moving average of $199.92 and a two-hundred day simple moving average of $175.58. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $215.18. The stock has a market capitalization of $125.74 billion, a P/E ratio of 21.97, a PEG ratio of 0.85 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the prior year, the firm earned $0.65 earnings per share. The business’s revenue was up 17.7% compared to the same quarter last year. As a group, analysts predict that The Progressive Co. will post 11.22 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

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.