AE Wealth Management LLC Sells 2,076 Shares of The Progressive Corporation (NYSE:PGR)

Key Points

• AE Wealth Management LLC reduced its stake in The Progressive Corporation (NYSE:PGR) by 11.7%, now holding 15,713 shares valued at approximately $4.45 million.
• Progressive's stock is currently trading at $250.22, with a market cap of $146.69 billion and a P/E ratio of 14.10.
• The company recently declared a dividend of $0.10 per share, with a yield of 0.15% and a payout ratio of 2.25%.

AE Wealth Management LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 11.7% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 15,713 shares of the insurance provider's stock after selling 2,076 shares during the period. AE Wealth Management LLC's holdings in Progressive were worth $4,447,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position in Progressive by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock worth $3,498,363,000 after acquiring an additional 189,638 shares in the last quarter. Norges Bank acquired a new position in Progressive during the 4th quarter worth approximately $1,843,045,000. Northern Trust Corp lifted its position in Progressive by 13.0% during the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after acquiring an additional 710,684 shares in the last quarter. Capital Research Global Investors lifted its position in Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after acquiring an additional 1,547,677 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Progressive by 18.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after purchasing an additional 915,643 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods dropped their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Barclays dropped their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research report on Monday, July 7th. BMO Capital Markets lowered their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a report on Friday, July 18th. Finally, Bank of America lowered their price objective on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $286.88.

Progressive Stock Down 2.9%

Shares of NYSE PGR traded down $7.24 during mid-day trading on Monday, reaching $242.86. 1,276,761 shares of the company's stock were exchanged, compared to its average volume of 3,241,654. The firm has a market capitalization of $142.37 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.50 and a beta of 0.37. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The business has a fifty day simple moving average of $264.25 and a 200 day simple moving average of $266.28. The Progressive Corporation has a twelve month low of $208.13 and a twelve month high of $292.99.

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

Progressive Announces Dividend

The firm also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio is currently 2.25%.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the completion of the sale, the insider owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of the business's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $247.54, for a total value of $313,633.18. Following the completion of the sale, the insider owned 26,354 shares of the company's stock, valued at $6,523,669.16. This trade represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,972 shares of company stock worth $9,078,681 in the last three months. 0.34% of the stock is owned by company 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.