Valley Wealth Managers Inc. Has $26.23 Million Stake in The Progressive Corporation (NYSE:PGR)

Key Points

• Valley Wealth Managers Inc. reduced its stake in The Progressive Corporation by 5.2%, now holding 92,687 shares, worth approximately $26.2 million.
• Progressive reported $4.88 EPS for the recent quarter, surpassing estimates, with a revenue of $20.08 billion, signaling a 12.1% year-over-year increase.
• Insider activity includes Director Stuart B. Burgdoerfer selling 3,681 shares for about $958,642, reflecting a 23.15% decrease in his ownership.

Valley Wealth Managers Inc. reduced its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 5.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,687 shares of the insurance provider's stock after selling 5,127 shares during the period. Progressive makes up 2.0% of Valley Wealth Managers Inc.'s portfolio, making the stock its 5th biggest position. Valley Wealth Managers Inc.'s holdings in Progressive were worth $26,231,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. State of Alaska Department of Revenue grew its holdings in shares of Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after buying an additional 1,800 shares during the last quarter. QRG Capital Management Inc. boosted its stake in Progressive by 36.4% during the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after purchasing an additional 33,864 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares in the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Progressive in the first quarter worth $3,141,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Progressive by 16.5% during the first quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock valued at $26,451,000 after purchasing an additional 13,231 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Price Performance

PGR stock traded down $9.43 during trading on Monday, reaching $240.67. The company's stock had a trading volume of 5,549,639 shares, compared to its average volume of 3,551,047. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The company's fifty day moving average is $264.25 and its 200-day moving average is $266.28. The company has a market capitalization of $141.09 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 1.50 and a beta of 0.37. The Progressive Corporation has a 1 year low of $208.13 and a 1 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 the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter last year, the business posted $2.48 earnings per share. The firm's revenue was up 12.1% on a year-over-year basis. On average, research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced 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 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PGR shares. Wells Fargo & Company raised their price target on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Barclays lowered their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Bank of America cut their price target 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, Jefferies Financial Group reduced their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $286.88.

Insider Activity

In other Progressive news, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the sale, the insider owned 41,289 shares in the company, valued at $10,750,829.82. The trade was a 8.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dyke Kahina Van sold 2,490 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the transaction, the director owned 12,429 shares of the company's stock, valued at approximately $3,451,160.43. The trade was a 16.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,972 shares of company stock valued at $9,078,681 in the last quarter. Company insiders own 0.33% of the company's stock.

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.