Diversify Wealth Management LLC Sells 14,639 Shares of The Progressive Corporation $PGR

Key Points

• Diversify Wealth Management LLC sharply reduced its stake in Progressive by 89.6% in the fourth quarter, selling 14,639 shares and leaving it with 1,703 shares valued at about $388,000.
• Progressive reported better-than-expected earnings of $4.80 per share for the latest quarter, topping estimates, while revenue rose 6.5% year over year to $22.19 billion.
• Analysts remain cautious overall: the stock carries a Hold consensus rating with an average price target of $238.39, and the shares recently traded near $193.85, close to their 52-week low.

Diversify Wealth Management LLC cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 89.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,703 shares of the insurance provider's stock after selling 14,639 shares during the quarter. Diversify Wealth Management LLC's holdings in Progressive were worth $388,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Dagco Inc. bought a new position in Progressive in the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after buying an additional 65 shares during the last quarter. Bangor Savings Bank grew its stake in shares of Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock valued at $35,000 after buying an additional 58 shares in the last quarter. Riverview Trust Co increased its holdings in Progressive by 48.6% during the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock worth $37,000 after buying an additional 53 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its position in Progressive by 833.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider's stock worth $38,000 after acquiring an additional 150 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

NYSE PGR opened at $193.85 on Monday. The stock has a market cap of $113.27 billion, a PE ratio of 9.86, a P/E/G ratio of 5.61 and a beta of 0.31. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a 50-day moving average of $202.73 and a 200-day moving average of $211.43. The Progressive Corporation has a 52-week low of $191.75 and a 52-week high of $289.96.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business's revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $4.37 EPS. On average, sell-side analysts anticipate that The Progressive Corporation will post 16.39 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.03%.

Wall Street Analyst Weigh In

A number of analysts have commented on PGR shares. Evercore reiterated a "negative" rating on shares of Progressive in a research note on Wednesday, March 18th. UBS Group upped their target price on shares of Progressive from $218.00 to $220.00 and gave the company a "neutral" rating in a report on Monday, March 23rd. Jefferies Financial Group cut their target price on shares of Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a research note on Tuesday, March 24th. Mizuho reduced their price target on Progressive from $235.00 to $223.00 and set a "neutral" rating for the company in a report on Friday, March 20th. Finally, Wells Fargo & Company boosted their price target on Progressive from $215.00 to $218.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 16th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $238.39.

Insider Transactions at Progressive

In related news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares of the company's stock, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the company's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is currently owned by company insiders.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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