NewEdge Wealth LLC Has $11.52 Million Stock Holdings in The Progressive Corporation $PGR

Key Points

• NewEdge Wealth LLC increased its stake in Progressive by 12.7% in the fourth quarter, ending with 50,604 shares valued at about $11.52 million.
• Progressive reported Q1 earnings of $4.80 per share, topping analyst estimates, while revenue rose 6.5% year over year to $22.19 billion.
• Despite solid results, the stock was trading near its 52-week low at $193.85, and Wall Street currently rates Progressive a Hold on average with a consensus price target of $238.39.

NewEdge Wealth LLC lifted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 12.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 50,604 shares of the insurance provider's stock after purchasing an additional 5,722 shares during the quarter. NewEdge Wealth LLC's holdings in Progressive were worth $11,524,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Dagco Inc. acquired a new position in Progressive during the 4th quarter worth approximately $28,000. Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Bangor Savings Bank raised its stake in shares of Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after purchasing an additional 58 shares in the last quarter. Riverview Trust Co raised its stake in Progressive by 48.6% in the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 53 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in Progressive by 833.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider's stock valued at $38,000 after acquiring an additional 150 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

NYSE:PGR opened at $193.85 on Monday. The stock's 50-day simple moving average is $202.73 and its 200 day simple moving average is $211.43. The firm has a market capitalization of $113.27 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 5.61 and a beta of 0.31. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a twelve month low of $191.75 and a twelve month high of $289.96.

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. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive's revenue was up 6.5% compared to the same quarter last year. During the same period last year, the firm posted $4.37 earnings per share. On average, analysts anticipate that The Progressive Corporation will post 16.39 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insider Buying and Selling

In other Progressive 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 value of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares of the company's stock, valued at approximately $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 6,933 shares of company stock valued at $1,441,564 over the last three months. 0.32% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research analyst reports. The Goldman Sachs Group restated a "buy" rating and issued a $225.00 price target on shares of Progressive in a research note on Monday, February 23rd. Citigroup dropped their price target on Progressive from $300.60 to $261.00 and set a "buy" rating on the stock in a research note on Tuesday, February 3rd. Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. UBS Group increased their price objective on Progressive from $218.00 to $220.00 and gave the stock a "neutral" rating in a research report on Monday, March 23rd. Finally, Argus upgraded Progressive to a "hold" rating in a research report on Thursday, March 5th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $238.39.

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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