Atria Wealth Solutions Inc. Has $5.13 Million Stake in The Progressive Corporation (NYSE:PGR)

Atria Wealth Solutions Inc. trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 8.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,110 shares of the insurance provider's stock after selling 1,766 shares during the period. Atria Wealth Solutions Inc.'s holdings in Progressive were worth $5,125,000 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. GAMMA Investing LLC increased its holdings in Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock valued at $862,059,000 after purchasing an additional 3,038,303 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after buying an additional 1,547,677 shares during the period. C WorldWide Group Holding A S increased its stake in shares of Progressive by 12,110.3% in the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after buying an additional 1,238,402 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Progressive by 18.1% in 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 valued at $1,433,722,000 after buying an additional 915,643 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock valued at $1,480,677,000 after buying an additional 710,684 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

PGR stock opened at $247.47 on Thursday. The firm has a market cap of $145.07 billion, a PE ratio of 13.94, a P/E/G ratio of 1.46 and a beta of 0.33. The business's 50-day moving average price is $258.19 and its two-hundred day moving average price is $266.02. The Progressive Corporation has a 1-year low of $213.47 and a 1-year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21.

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

Progressive Announces Dividend

The company also recently declared a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. This represents a dividend yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive's payout ratio is 2.25%.

Analysts Set New Price Targets

PGR has been the subject of several research reports. Bank of America lowered their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Jefferies Financial Group lowered their target price on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Keefe, Bruyette & Woods lowered their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research note on Thursday, July 17th. Evercore ISI lowered Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target on the stock. in a research report on Thursday, July 17th. Finally, Barclays reduced their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 104,250 shares of company stock valued at $26,332,348. Corporate insiders own 0.34% of the company's stock.

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.

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