Heritage Wealth Advisors Has $52.14 Million Stake in The Progressive Corporation (NYSE:PGR)

Key Points

• Heritage Wealth Advisors has reduced its stake in The Progressive Corporation by 0.9%, holding 184,233 shares worth approximately $52.14 million as of the latest SEC filing.
• Multiple research analysts have lowered their price targets for Progressive, with a consensus target price of $286.88 and an average rating of "Moderate Buy".
• Insider transactions reveal that CEO Susan Patricia Griffith sold 30,660 shares valued at $7.42 million, reflecting a significant decrease in her ownership position.

Heritage Wealth Advisors lowered its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 0.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 184,233 shares of the insurance provider's stock after selling 1,765 shares during the quarter. Progressive accounts for approximately 2.6% of Heritage Wealth Advisors' portfolio, making the stock its 14th largest position. Heritage Wealth Advisors' holdings in Progressive were worth $52,140,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Highline Wealth Partners LLC increased its holdings in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 210.0% in 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 Progressive in the 1st quarter valued at $28,000. Minot DeBlois Advisors LLC bought a new stake in Progressive during the 4th quarter valued at $28,000. Finally, Garde Capital Inc. bought a new stake in Progressive during the 1st quarter valued at $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PGR shares. Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. Evercore ISI cut shares of 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. JPMorgan Chase & Co. boosted their price objective on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Bank of America lowered their price objective on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Finally, Morgan Stanley dropped their target price on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $286.88.

Insider Transactions at Progressive

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $552,814.32. Following the sale, the insider directly owned 47,942 shares in the company, valued at $11,949,064.08. This represents a 4.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares of the company's stock, valued at $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 104,250 shares of company stock valued at $26,332,348. Company insiders own 0.34% of the company's stock.

Progressive Trading Up 0.1%

NYSE PGR opened at $241.88 on Friday. The business's fifty day moving average is $260.94 and its 200-day moving average is $266.01. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29. The stock has a market capitalization of $141.79 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 1.45 and a beta of 0.37. The Progressive Corporation has a one year low of $208.13 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The business 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 revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the business posted $2.48 earnings per share. Equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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 of this dividend was Thursday, July 3rd. Progressive's dividend payout ratio is presently 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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