Avior Wealth Management LLC Has $602,000 Stake in The Progressive Corporation $PGR

Key Points

• Avior Wealth Management LLC reduced its stake in The Progressive Corporation by 32.5%, now holding shares worth approximately $602,000.
• Multiple institutional investors have increased their holdings in Progressive, with Vanguard Group Inc. acquiring an additional 622,590 shares, bringing its total ownership to over $15 billion.
• The Progressive Corporation recently announced a quarterly dividend of $0.10 per share, set to be paid on October 10th, representing an annual yield of 0.2%.

Avior Wealth Management LLC trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 32.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,254 shares of the insurance provider's stock after selling 1,083 shares during the period. Avior Wealth Management LLC's holdings in Progressive were worth $602,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Progressive by 1.2% in the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock valued at $15,289,037,000 after purchasing an additional 622,590 shares during the last quarter. GQG Partners LLC boosted its position in shares of Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after acquiring an additional 3,174,632 shares during the period. Alliancebernstein L.P. boosted its position in shares of Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after acquiring an additional 1,091,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Progressive by 6.6% in the first 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 acquiring an additional 396,567 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Progressive in the first quarter valued at about $1,473,180,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the business's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares of the company's stock, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.33% of the company's stock.

Progressive Stock Up 0.2%

Shares of NYSE PGR opened at $244.07 on Tuesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market cap of $143.08 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The stock has a 50-day moving average price of $245.32 and a two-hundred day moving average price of $261.63.

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

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid 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 yield of 0.2%. Progressive's payout ratio is presently 2.25%.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent research reports. Wolfe Research initiated coverage on shares of Progressive in a research report on Monday, September 15th. They issued a "peer perform" rating for the company. Jefferies Financial Group reduced their target price on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Finally, UBS Group cut their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Six equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $279.75.

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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