Northwestern Mutual Wealth Management Co. Sells 5,285 Shares of The Progressive Corporation $PGR

Key Points

• Northwestern Mutual Wealth Management cut its Progressive stake by 7.6% in the fourth quarter, selling 5,285 shares and ending with 64,173 shares valued at about $14.6 million.
• Progressive reported better-than-expected quarterly EPS of $4.80 on April 15, though revenue of $22.19 billion came in below analyst estimates; revenue still rose 6.5% year over year.
• The company also declared a quarterly dividend of $0.10 per share to be paid July 10, while Wall Street currently has a consensus Hold rating and average price target of $238.11 on PGR.

Northwestern Mutual Wealth Management Co. reduced its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 7.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 64,173 shares of the insurance provider's stock after selling 5,285 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Progressive were worth $14,614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. Dagco Inc. bought a new position in shares of Progressive during the fourth quarter valued at $28,000. Ameriflex Group Inc. lifted its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Entrust Financial LLC bought a new position in shares of Progressive during the fourth quarter valued at $33,000. Kingdom Financial Group LLC. bought a new position in shares of Progressive during the fourth quarter valued at $34,000. Finally, Bangor Savings Bank lifted its holdings in shares of Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 58 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Karen Bailo sold 3,517 shares of the business's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares of the company's stock, valued at approximately $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 3,928 shares of company stock worth $831,251. Company insiders own 0.32% of the company's stock.

Progressive Price Performance

PGR stock opened at $192.95 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company's fifty day moving average price is $199.48 and its 200-day moving average price is $209.49. The Progressive Corporation has a one year low of $189.20 and a one year high of $289.96. The company has a market capitalization of $112.75 billion, a PE ratio of 9.81, a price-to-earnings-growth ratio of 5.52 and a beta of 0.31.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.37 EPS. On average, equities analysts anticipate that The Progressive Corporation will post 16.36 EPS for the current fiscal year.

Progressive Announces Dividend

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 given a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio is 2.03%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PGR. Citigroup lowered their price target on Progressive from $300.60 to $261.00 and set a "buy" rating on the stock in a report on Tuesday, February 3rd. Evercore reissued a "negative" rating on shares of Progressive in a research report on Wednesday, March 18th. Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Wells Fargo & Company upped their price target on shares of Progressive from $218.00 to $222.00 and gave the company an "equal weight" rating in a research report on Thursday, May 21st. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating on shares of Progressive in a research note on Friday, May 22nd. 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's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $238.11.

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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