Moran Wealth Management LLC Has $38.52 Million Stock Holdings in The Progressive Corporation $PGR

Key Points

• Moran Wealth Management LLC increased its stake in The Progressive Corporation by 26.5% in Q4 to 169,145 shares valued at about $38.52 million, making PGR its 7th largest holding (1.2% of the portfolio).
• Progressive's latest quarter beat on EPS ($4.80 vs. $4.67 estimates) but missed on revenue ($22.19B vs. $23.51B), with a net margin of 12.92% and ROE of 33.47%; analysts forecast FY EPS of 14.68 and the consensus price target is $238.39 with an average rating of "Hold."
• The stock carries a market cap of $118.57 billion and a P/E of 10.30, a 12‑month range of $192.02–$289.96, a quarterly dividend of $0.10 (0.2% yield), had insider sales of ~11,687 shares (~$2.41M) in the last three months, and is ~85.34% institutionally owned.

Moran Wealth Management LLC grew its position in The Progressive Corporation (NYSE:PGR - Free Report) by 26.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 169,145 shares of the insurance provider's stock after acquiring an additional 35,470 shares during the quarter. Progressive accounts for 1.2% of Moran Wealth Management LLC's portfolio, making the stock its 7th biggest holding. Moran Wealth Management LLC's holdings in Progressive were worth $38,518,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PGR. Davis Capital Management bought a new stake in Progressive in the third quarter worth $25,000. Dagco Inc. bought a new position in Progressive during the fourth quarter valued at $28,000. Ameriflex Group Inc. grew its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after buying an additional 65 shares in the last quarter. Bangor Savings Bank grew its stake in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after buying an additional 58 shares in the last quarter. Finally, Riverview Trust Co raised its position in shares of Progressive by 48.6% during the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock valued at $37,000 after buying an additional 53 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

PGR stock opened at $202.69 on Friday. The Progressive Corporation has a twelve month low of $192.02 and a twelve month high of $289.96. The firm has a market cap of $118.57 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 6.70 and a beta of 0.34. The business's fifty day simple moving average is $203.43 and its two-hundred day simple moving average is $214.91. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates 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 previous year, the firm earned $4.37 earnings per share. Analysts predict 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, April 10th. Shareholders of record on Thursday, April 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Progressive's payout ratio is 2.03%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup decreased their price objective on Progressive from $300.60 to $261.00 and set a "buy" rating on the stock in a research report on Tuesday, February 3rd. Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. Bank of America increased their target price on shares of Progressive from $295.00 to $298.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $238.39.

Insiders Place Their Bets

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the firm's stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive directly owned 26,249 shares of the company's stock, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares of the company's stock, valued at $115,227. This represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 11,687 shares of company stock worth $2,413,044. 0.32% of the stock is owned by company insiders.

Progressive 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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