Moran Wealth Management LLC Has $21.34 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Moran Wealth Management LLC cut its stake in Progressive by 36.4% in the first quarter, but still held 107,653 shares worth about $21.34 million at the end of the period.
• Insiders have been selling shares, including director Jeffrey D. Kelly and insider Steven Broz; over the past three months, insiders sold 15,230 shares valued at about $3.17 million.
• Progressive reported better-than-expected quarterly earnings of $4.80 per share, though revenue missed estimates, and the company also announced a quarterly dividend of $0.10 per share payable July 10.

Moran Wealth Management LLC lowered its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 36.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,653 shares of the insurance provider's stock after selling 61,492 shares during the quarter. Moran Wealth Management LLC's holdings in Progressive were worth $21,341,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Counterpoint Mutual Funds LLC acquired a new stake in Progressive in the 1st quarter worth $288,000. Baer Investment Advisory LLC acquired a new position in shares of Progressive during the first quarter valued at about $240,000. Canal Capital Management LLC acquired a new position in shares of Progressive during the first quarter valued at about $270,000. Argos Wealth Advisors LLC bought a new stake in shares of Progressive in the first quarter valued at about $508,000. Finally, Turtle Creek Wealth Advisors LLC grew its position in Progressive by 11.8% during the first quarter. Turtle Creek Wealth Advisors LLC now owns 42,235 shares of the insurance provider's stock worth $8,373,000 after buying an additional 4,454 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In related news, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction dated 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 completion of the transaction, the director directly owned 22,546 shares of the company's stock, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,157 shares of the business's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 15,230 shares of company stock valued at $3,165,817. 0.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research reports. Morgan Stanley reduced their price objective on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a research report on Tuesday, March 31st. Weiss Ratings cut Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods upped their target price on Progressive from $208.00 to $210.00 and gave the company a "market perform" rating in a research note on Thursday, June 18th. Mizuho reduced their target price on Progressive from $235.00 to $223.00 and set a "neutral" rating for the company in a research report on Friday, March 20th. Finally, Barclays set a $247.00 price target on shares of Progressive in a research note on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $237.37.

Progressive Stock Down 0.2%

NYSE PGR opened at $231.75 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 stock's 50 day moving average is $203.97 and its two-hundred day moving average is $206.81. The company has a market capitalization of $135.42 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 7.03 and a beta of 0.26. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $261.66.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same period in the prior year, the company posted $4.37 EPS. The company's revenue was up 6.5% compared to the same quarter last year. Equities analysts forecast that The Progressive Corporation will post 17.12 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

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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