Axxcess Wealth Management LLC Has $691,000 Stock Holdings in The Progressive Corporation $PGR

Key Points

• Axxcess Wealth Management LLC increased its stake in The Progressive Corporation by 83.6% during the second quarter, now holding shares worth $691,000.
• Insiders at Progressive have sold a total of 128,778 shares valued at approximately $31.68 million over the last quarter, indicating significant insider movement.
• Progressive's recent earnings report showed an EPS of $4.45, falling short of the consensus estimate of $5.04, which has affected analysts' ratings of the stock.

Axxcess Wealth Management LLC lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 83.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,591 shares of the insurance provider's stock after buying an additional 1,180 shares during the period. Axxcess Wealth Management LLC's holdings in Progressive were worth $691,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. TruNorth Capital Management LLC increased its position in shares of Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP acquired a new stake in shares of Progressive during the first quarter worth approximately $28,000. Garde Capital Inc. acquired a new stake in shares of Progressive during the first quarter worth approximately $33,000. Ransom Advisory Ltd acquired a new stake in shares of Progressive during the first quarter worth approximately $35,000. Finally, Activest Wealth Management increased its holdings in shares of Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider's stock worth $37,000 after buying an additional 127 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other news, 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 transaction of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the transaction, the chief executive officer owned 476,286 shares of the company's stock, valued at $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,778 shares of company stock valued at $31,683,756 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PGR shares. Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They set a "peer perform" rating for the company. Zacks Research lowered Progressive from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 10th. UBS Group lowered their target price on Progressive from $268.00 to $261.00 and set a "neutral" rating for the company in a research note on Wednesday, October 8th. Evercore ISI lowered their price objective on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a research report on Wednesday, October 1st. Finally, Barclays set a $271.00 price objective on shares of Progressive in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $274.46.

Progressive Stock Up 1.7%

Shares of NYSE:PGR opened at $225.57 on Friday. The Progressive Corporation has a one year low of $217.20 and a one year high of $292.99. The company has a 50 day moving average of $243.73 and a 200-day moving average of $258.06. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The stock has a market cap of $132.23 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 1.24 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same quarter in the prior year, the firm earned $3.58 EPS. On average, sell-side analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is 2.25%.

Progressive 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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