Kingswood Wealth Advisors LLC Decreases Stock Position in The Progressive Co. (NYSE:PGR)

Kingswood Wealth Advisors LLC lowered its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 67.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,206 shares of the insurance provider's stock after selling 4,560 shares during the quarter. Kingswood Wealth Advisors LLC's holdings in Progressive were worth $529,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PGR. NewEdge Advisors LLC boosted its holdings in shares of 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 acquiring an additional 5,199 shares during the period. Sunbelt Securities Inc. lifted its position in shares of Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider's stock worth $54,000 after buying an additional 46 shares during the last quarter. Kimelman & Baird LLC acquired a new position in Progressive during the 2nd quarter worth approximately $36,000. EP Wealth Advisors LLC grew its position in Progressive by 19.8% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,892 shares of the insurance provider's stock worth $393,000 after acquiring an additional 313 shares during the last quarter. Finally, Truist Financial Corp lifted its holdings in Progressive by 27.7% during the 2nd quarter. Truist Financial Corp now owns 289,341 shares of the insurance provider's stock worth $60,099,000 after buying an additional 62,693 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total value of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares of the company's stock, valued at approximately $67,530,756.28. This represents a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 11,021 shares of the firm's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the transaction, the chief executive officer now directly owns 473,736 shares of the company's stock, valued at $115,255,231.44. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,506 shares of company stock valued at $10,531,159. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Up 1.3 %

Shares of NYSE:PGR traded up $3.18 during midday trading on Thursday, reaching $249.58. 1,012,397 shares of the company's stock were exchanged, compared to its average volume of 2,591,767. The firm's 50 day simple moving average is $247.67 and its two-hundred day simple moving average is $244.27. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a fifty-two week low of $176.37 and a fifty-two week high of $270.62. The stock has a market cap of $146.20 billion, a price-to-earnings ratio of 18.14, a P/E/G ratio of 0.62 and a beta of 0.41.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts' consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, sell-side analysts forecast that The Progressive Co. will post 13.51 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive's dividend payout ratio (DPR) is 2.91%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PGR shares. HSBC lowered shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 price objective for the company. in a research note on Tuesday, December 10th. JPMorgan Chase & Co. raised their target price on Progressive from $251.00 to $256.00 and gave the stock an "overweight" rating in a research note on Friday, January 3rd. Evercore ISI raised their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an "outperform" rating in a research report on Wednesday, November 6th. TD Cowen lifted their target price on shares of Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research report on Friday, November 8th. Finally, Morgan Stanley dropped their target price on Progressive from $310.00 to $300.00 and set an "overweight" rating for the company in a report on Tuesday, January 21st. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $275.29.

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.