Accurate Wealth Management LLC Reduces Stake in The Progressive Corporation $PGR

Key Points

• Accurate Wealth Management LLC has reduced its stake in The Progressive Corporation by 92.1%, owning only 829 shares after selling 9,705 shares during the second quarter.
• Despite Accurate Wealth Management's reduction, other institutional investors like the Vanguard Group and GQG Partners have increased their stakes, with hedge funds owning 85.34% of Progressive's stock.
• The Progressive Corporation recently announced a quarterly dividend of $0.10 per share, leading to an annualized dividend yield of 0.2%.

Accurate Wealth Management LLC trimmed its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 92.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 829 shares of the insurance provider's stock after selling 9,705 shares during the quarter. Accurate Wealth Management LLC's holdings in Progressive were worth $207,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Vanguard Group Inc. lifted its stake in shares of Progressive by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock valued at $15,289,037,000 after buying an additional 622,590 shares in the last quarter. GQG Partners LLC lifted its stake in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Progressive by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider's stock valued at $1,805,642,000 after buying an additional 396,567 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Progressive during the 1st quarter valued at approximately $1,473,180,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Jefferies Financial Group dropped their price target on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Wolfe Research started coverage on shares of Progressive in a report on Monday, September 15th. They set a "peer perform" rating on the stock. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday, September 18th. UBS Group decreased their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Finally, BMO Capital Markets set a $252.00 target price on shares of Progressive in a report on Thursday, September 18th. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $279.31.

Progressive Price Performance

Shares of NYSE:PGR opened at $243.46 on Friday. The company's fifty day moving average price is $245.34 and its 200-day moving average price is $262.14. The firm has a market capitalization of $142.72 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.35 and a beta of 0.32. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter last year, the firm earned $2.48 EPS. The firm's quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 140,045 shares of company stock worth $34,635,290 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

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.

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