Fairvoy Private Wealth LLC Reduces Stock Position in The Progressive Corporation $PGR

Key Points

• Fairvoy Private Wealth LLC cut its stake in The Progressive Corporation by 81% in the first quarter, selling 12,855 shares and ending with 3,016 shares valued at about $598,000.
• Progressive’s stock was also hit by insider selling, including recent sales by executive Steven Broz and Director Jeffrey D. Kelly, with insiders selling 15,230 shares in the last quarter.
• The company reported better-than-expected earnings of $4.80 per share, and it announced a quarterly dividend of $0.10 per share, while Wall Street’s consensus rating remains Hold with an average target price of $237.58.

Fairvoy Private Wealth LLC decreased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 81.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,016 shares of the insurance provider's stock after selling 12,855 shares during the quarter. Fairvoy Private Wealth LLC's holdings in Progressive were worth $598,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive in the 4th quarter valued at $269,000. Bison Wealth LLC raised its holdings in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC lifted its stake in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock worth $609,000 after purchasing an additional 166 shares during the period. Finally, Diversify Wealth Management LLC lifted its stake in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock worth $3,681,000 after purchasing an additional 1,622 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,157 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider owned 27,511 shares in the company, valued at approximately $5,633,152.36. This trade represents a 4.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is currently owned by company insiders.

Progressive Trading Down 2.2%

Shares of PGR opened at $215.69 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $126.04 billion, a P/E ratio of 10.97, a price-to-earnings-growth ratio of 6.69 and a beta of 0.28. The stock's fifty day simple moving average is $201.40 and its 200 day simple moving average is $206.76. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $267.92.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 33.47% and a net margin of 12.92%.The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.37 earnings per share. On average, equities research analysts forecast that The Progressive Corporation will post 17.08 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive's payout ratio is currently 2.03%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PGR. Argus raised Progressive to a "hold" rating in a research report on Thursday, March 5th. BMO Capital Markets reiterated a "market perform" rating and set a $220.00 target price on shares of Progressive in a research report on Wednesday, May 20th. Bank of America decreased their price target on Progressive from $331.00 to $313.00 and set a "buy" rating on the stock in a research note on Thursday, June 18th. Barclays set a $247.00 price target on Progressive in a report on Wednesday, March 18th. Finally, Evercore reaffirmed a "negative" rating on shares of Progressive in a research note on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $237.58.

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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