Kingswood Wealth Advisors LLC Reduces Stock Holdings in The Progressive Co. (NYSE:PGR)

Kingswood Wealth Advisors LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 67.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund 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 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management purchased a new stake in shares of Progressive during the third quarter valued at $25,000. DiNuzzo Private Wealth Inc. boosted its position in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares during the last quarter. Kimelman & Baird LLC purchased a new position in Progressive during the 2nd quarter worth approximately $36,000. Friedenthal Financial acquired a new stake in Progressive during the 3rd quarter valued at approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Progressive in the 3rd quarter valued at $49,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

NYSE:PGR opened at $246.25 on Thursday. The Progressive Co. has a one year low of $175.50 and a one year high of $270.62. The stock has a market cap of $144.26 billion, a PE ratio of 17.90, a P/E/G ratio of 0.62 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a 50 day moving average price of $247.89 and a 200 day moving average price of $244.25.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities research analysts expect that The Progressive Co. will post 13.51 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of research firms recently issued reports on PGR. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a research report on Thursday, December 26th. Wells Fargo & Company boosted their price target on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Bank of America lifted their target price on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Finally, BMO Capital Markets dropped their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $274.65.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of the business’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 sale, the chief executive officer now owns 473,736 shares in the company, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,506 shares of company stock worth $10,531,159 over the last quarter. 0.34% of the stock is currently owned by company insiders.

About Progressive

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.