Cwm LLC Has $8.28 Million Stake in The Progressive Co. (NYSE:PGR)

Cwm LLC reduced its holdings in The Progressive Co. (NYSE:PGR) by 67.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,617 shares of the insurance provider’s stock after selling 68,263 shares during the period. Cwm LLC’s holdings in Progressive were worth $8,277,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Northwest Bank & Trust Co bought a new position in shares of Progressive in the 4th quarter worth $25,000. Davis Capital Management acquired a new position in Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive during the 1st quarter worth about $32,000. Finally, Hilltop National Bank increased its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Piper Sandler boosted their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Roth Mkm raised their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Jefferies Financial Group boosted their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group raised their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $260.53.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 146,512 shares of company stock valued at $33,912,874. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Up 0.9 %

Shares of NYSE:PGR opened at $254.09 on Friday. The company’s 50-day moving average price is $245.20 and its two-hundred day moving average price is $222.47. The Progressive Co. has a one year low of $142.87 and a one year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $148.81 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results 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. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. On average, equities analysts forecast that The Progressive Co. will post 13.07 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is presently 3.42%.

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.