The Progressive Co. (NYSE:PGR) Position Lowered by Salvus Wealth Management LLC

Salvus Wealth Management LLC trimmed its position in The Progressive Co. (NYSE:PGR) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,698 shares of the insurance provider’s stock after selling 273 shares during the quarter. Progressive accounts for approximately 4.3% of Salvus Wealth Management LLC’s portfolio, making the stock its 3rd largest holding. Salvus Wealth Management LLC’s holdings in Progressive were worth $6,349,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PGR. Balentine LLC raised its holdings in shares of Progressive by 0.3% during the 4th quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after buying an additional 58 shares during the period. Compass Ion Advisors LLC increased its holdings in Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after purchasing an additional 62 shares during the last quarter. Independent Advisor Alliance increased its holdings in Progressive by 1.9% during the 4th quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock worth $548,000 after purchasing an additional 64 shares during the last quarter. Finally, Winslow Asset Management Inc. increased its holdings in Progressive by 0.8% during the 4th quarter. Winslow Asset Management Inc. now owns 8,579 shares of the insurance provider’s stock worth $1,366,000 after purchasing an additional 67 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,468 shares of company stock worth $4,415,753. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Up 0.3 %

Shares of Progressive stock traded up $0.67 on Tuesday, reaching $211.35. 61,788 shares of the company were exchanged, compared to its average volume of 2,564,981. The stock has a fifty day moving average price of $209.62 and a 200-day moving average price of $192.53. The firm has a market capitalization of $123.79 billion, a price-to-earnings ratio of 21.56, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share 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 for the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. On average, analysts expect that The Progressive Co. will post 11.33 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio is 4.09%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. HSBC lifted their price objective on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Piper Sandler reiterated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. The Goldman Sachs Group lifted their target price on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research report on Monday, March 25th. BMO Capital Markets reiterated an “outperform” rating and issued a $235.00 target price on shares of Progressive in a research report on Monday, June 17th. Finally, Citigroup lifted their target price on Progressive from $230.00 to $232.00 and gave the stock a “neutral” rating in a research report on Monday, June 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus target price of $216.81.

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.