Leeward Investments LLC MA Reduces Stake in The Progressive Co. (NYSE:PGR)

Leeward Investments LLC MA lowered its position in The Progressive Co. (NYSE:PGR) by 43.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 52,423 shares of the insurance provider’s stock after selling 40,532 shares during the period. Leeward Investments LLC MA’s holdings in Progressive were worth $10,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in PGR. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive during the first quarter valued at approximately $32,000. Sachetta LLC bought a new position in Progressive in the fourth quarter worth approximately $25,000. Northwest Bank & Trust Co bought a new position in Progressive in the fourth quarter worth approximately $25,000. Register Financial Advisors LLC bought a new position in Progressive in the first quarter worth approximately $35,000. Finally, Valley National Advisers Inc. raised its stake in Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the completion of the transaction, the chief financial officer now owns 302,958 shares in the company, valued at approximately $63,742,363.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the completion of the transaction, the chief financial officer now owns 302,958 shares in the company, valued at approximately $63,742,363.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The disclosure for this sale can be found here. Insiders sold a total of 34,518 shares of company stock worth $7,159,674 in the last 90 days. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PGR. BMO Capital Markets reaffirmed an “outperform” rating and issued a $235.00 price target on shares of Progressive in a report on Monday, June 17th. Bank of America boosted their price objective on shares of Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Piper Sandler reissued an “overweight” rating and set a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. HSBC boosted their price objective on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Finally, Wells Fargo & Company boosted their price objective on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a report on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $216.81.

Progressive Price Performance

Shares of Progressive stock traded down $1.03 during trading hours on Friday, reaching $209.24. The stock had a trading volume of 46,340 shares, compared to its average volume of 2,560,735. The stock’s 50 day moving average is $209.33 and its 200 day moving average is $194.86. The firm has a market capitalization of $122.55 billion, a PE ratio of 21.52, a PEG ratio of 0.82 and a beta of 0.35. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $217.77. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 earnings per share. Equities analysts expect that The Progressive Co. will post 11.26 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

About Progressive

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.