Balanced Wealth Group LLC Sells 54 Shares of The Progressive Co. (NYSE:PGR)

Balanced Wealth Group LLC trimmed its holdings in The Progressive Co. (NYSE:PGR) by 1.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,162 shares of the insurance provider’s stock after selling 54 shares during the quarter. Balanced Wealth Group LLC’s holdings in Progressive were worth $662,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of PGR. Northwest Bank & Trust Co bought a new stake in Progressive in the fourth quarter worth $25,000. WR Wealth Planners LLC raised its position in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new position in shares of Progressive in the 1st quarter worth about $32,000. Hilltop National Bank boosted its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new stake in Progressive during the 1st quarter valued at about $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 1.5 %

NYSE:PGR opened at $259.23 on Friday. The Progressive Co. has a one year low of $137.59 and a one year high of $260.46. The business has a fifty day moving average price of $234.16 and a 200-day moving average price of $217.06. The firm has a market capitalization of $151.82 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the prior year, the business posted $0.57 earnings per share. The business’s quarterly revenue was up 21.6% on a year-over-year basis. Sell-side analysts forecast that The Progressive Co. will post 12.7 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Roth Mkm increased their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Morgan Stanley boosted their price target on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Citigroup dropped their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. boosted their target price on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $257.18.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of Progressive 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 sale, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Insiders have sold 146,704 shares of company stock valued at $33,367,408 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

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.