EverSource Wealth Advisors LLC Has $14.07 Million Stock Position in The Progressive Co. (NYSE:PGR)

EverSource Wealth Advisors LLC reduced its position in shares of The Progressive Co. (NYSE:PGR) by 1.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,583 shares of the insurance provider’s stock after selling 971 shares during the period. Progressive makes up approximately 1.1% of EverSource Wealth Advisors LLC’s investment portfolio, making the stock its 19th biggest position. EverSource Wealth Advisors LLC’s holdings in Progressive were worth $14,074,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Progressive by 0.6% during the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock worth $10,703,318,000 after buying an additional 285,070 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Progressive by 3.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock worth $2,378,951,000 after purchasing an additional 520,742 shares during the last quarter. Norges Bank bought a new stake in shares of Progressive in the fourth quarter worth $1,078,831,000. Capital International Investors grew its stake in shares of Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the last quarter. Finally, FIL Ltd grew its stake in shares of Progressive by 0.4% in the fourth quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock worth $778,199,000 after purchasing an additional 19,724 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Progressive news, CIO Jonathan S. Bauer sold 2,467 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $527,962.67. Following the completion of the sale, the executive now owns 24,720 shares in the company, valued at approximately $5,290,327.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Progressive news, CIO Jonathan S. Bauer sold 2,467 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $527,962.67. Following the completion of the sale, the executive now owns 24,720 shares in the company, valued at approximately $5,290,327.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The disclosure for this sale can be found here. Insiders have sold 108,168 shares of company stock worth $22,937,984 in the last quarter. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on PGR shares. Morgan Stanley reduced their price objective on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Wells Fargo & Company upped their price target on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. BMO Capital Markets upped their price target on shares of Progressive from $235.00 to $239.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Roth Mkm reaffirmed a “buy” rating and set a $235.00 price target on shares of Progressive in a research report on Wednesday, July 17th. Finally, Bank of America upped their price target on shares of Progressive from $276.00 to $293.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $222.94.

Progressive Stock Up 0.8 %

Shares of PGR traded up $1.66 on Friday, reaching $216.94. The company’s stock had a trading volume of 1,769,793 shares, compared to its average volume of 2,572,837. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.30. The Progressive Co. has a twelve month low of $124.06 and a twelve month high of $229.00. The stock has a market capitalization of $127.06 billion, a PE ratio of 22.20, a PEG ratio of 0.75 and a beta of 0.35. The firm has a fifty day moving average of $211.29 and a 200-day moving average of $202.64.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the prior year, the business posted $0.57 EPS. The firm’s revenue was up 21.6% compared to the same quarter last year. Equities analysts predict that The Progressive Co. will post 12.02 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were issued a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.18%. Progressive’s dividend payout ratio is presently 4.09%.

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.