Spire Wealth Management Sells 102 Shares of The Progressive Co. (NYSE:PGR)

Spire Wealth Management reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,676 shares of the insurance provider’s stock after selling 102 shares during the quarter. Spire Wealth Management’s holdings in Progressive were worth $348,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Sachetta LLC acquired a new position in Progressive during the fourth quarter worth about $25,000. Northwest Bank & Trust Co acquired a new position in Progressive during the 4th quarter worth approximately $25,000. Indiana Trust & Investment Management CO bought a new position in Progressive in the 1st quarter valued at approximately $32,000. Hilltop National Bank boosted its position in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC bought a new stake in shares of Progressive during the first quarter worth $35,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the sale, the insider now directly owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,984 shares of company stock valued at $22,564,766. Company insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.9 %

NYSE:PGR opened at $252.20 on Tuesday. The firm’s 50 day moving average is $222.09 and its 200 day moving average is $211.25. The Progressive Co. has a 12 month low of $131.87 and a 12 month high of $254.35. The stock has a market capitalization of $147.71 billion, a PE ratio of 25.81, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.57 EPS. Sell-side analysts expect that The Progressive Co. will post 12.2 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

Wall Street Analysts Forecast Growth

PGR has been the topic of several recent research reports. The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and raised their price objective for the company from $230.00 to $262.00 in a report on Thursday, August 15th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Keefe, Bruyette & Woods upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $210.00 to $245.00 in a report on Wednesday, July 17th. Evercore ISI boosted their price objective on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company boosted their target price on shares of Progressive from $262.00 to $281.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $234.41.

Progressive 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.