Northwestern Mutual Wealth Management Co. Has $7.72 Million Position in The Progressive Co. (NYSE:PGR)

Northwestern Mutual Wealth Management Co. lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,170 shares of the insurance provider’s stock after selling 1,356 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Progressive were worth $7,721,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its position in Progressive by 20.6% during the second quarter. NewEdge Advisors LLC now owns 30,429 shares of the insurance provider’s stock worth $6,320,000 after buying an additional 5,199 shares in the last quarter. Nemes Rush Group LLC boosted its holdings in shares of Progressive by 197.5% in the 2nd quarter. Nemes Rush Group LLC now owns 592 shares of the insurance provider’s stock valued at $123,000 after purchasing an additional 393 shares in the last quarter. Magnolia Capital Advisors LLC acquired a new stake in shares of Progressive in the 2nd quarter valued at $8,820,000. Ascent Group LLC boosted its holdings in shares of Progressive by 9.9% in the 2nd quarter. Ascent Group LLC now owns 36,937 shares of the insurance provider’s stock valued at $7,672,000 after purchasing an additional 3,313 shares in the last quarter. Finally, SkyView Investment Advisors LLC boosted its holdings in shares of Progressive by 11.1% in the 2nd quarter. SkyView Investment Advisors LLC now owns 7,883 shares of the insurance provider’s stock valued at $1,637,000 after purchasing an additional 787 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.1 %

Shares of NYSE:PGR opened at $254.41 on Thursday. The firm has a market cap of $149.00 billion, a P/E ratio of 26.04, a P/E/G ratio of 0.70 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12-month low of $138.50 and a 12-month high of $260.46. The business has a fifty day simple moving average of $240.11 and a 200 day simple moving average of $220.36.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same period last year, the company posted $0.57 EPS. The business’s quarterly revenue was up 21.6% on a year-over-year basis. Analysts predict that The Progressive Co. will post 13.02 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PGR. Wells Fargo & Company raised their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Barclays began coverage on Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Citigroup dropped their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average target price of $257.18.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,512 shares of company stock valued at $33,912,874. Corporate insiders own 0.34% of the company’s stock.

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.