The Progressive Corporation $PGR Stock Position Lowered by Weik Capital Management

Key Points

• Weik Capital Management reduced its holdings in The Progressive Corporation by 2.7% in Q1, now owning 86,525 shares valued at approximately $24.5 million.
• Several analysts have adjusted their price targets for Progressive, with Morgan Stanley lowering its target from $275 to $265, while Wells Fargo increased its target from $328 to $333.
• Progressive recently declared a quarterly dividend of $0.10 per share, set to be paid on October 10th, reflecting a dividend yield of 0.2%.

Weik Capital Management trimmed its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,525 shares of the insurance provider's stock after selling 2,440 shares during the period. Progressive comprises about 10.0% of Weik Capital Management's investment portfolio, making the stock its 2nd biggest position. Weik Capital Management's holdings in Progressive were worth $24,487,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PGR. Brighton Jones LLC lifted its position in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in Progressive during the fourth quarter worth approximately $269,000. Highview Capital Management LLC DE increased its stake in Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares during the last quarter. CreativeOne Wealth LLC increased its stake in Progressive by 87.0% during the fourth quarter. CreativeOne Wealth LLC now owns 1,692 shares of the insurance provider's stock worth $405,000 after acquiring an additional 787 shares during the last quarter. Finally, Regal Investment Advisors LLC bought a new position in shares of Progressive during the fourth quarter valued at approximately $257,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

PGR traded up $2.2510 during midday trading on Wednesday, hitting $252.8910. 2,300,229 shares of the company were exchanged, compared to its average volume of 3,245,632. The company's 50 day simple moving average is $252.37 and its 200 day simple moving average is $266.40. The firm has a market capitalization of $148.25 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 1.46 and a beta of 0.33. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $20.39 billion. During the same period last year, the firm earned $2.48 EPS. The company's quarterly revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be 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%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 6,232 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider directly owned 27,844 shares of the company's stock, valued at approximately $6,742,703.04. This trade represents a 18.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares in the company, valued at $122,741,523.40. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,313 shares of company stock worth $28,349,549 in the last three months. 0.33% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Morgan Stanley cut their target price on Progressive from $275.00 to $265.00 and set an "equal weight" rating on the stock in a research note on Monday, August 11th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective on the stock. in a research note on Thursday, July 17th. Bank of America dropped their price objective on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Finally, Citigroup initiated coverage on Progressive in a research note on Wednesday, August 13th. They issued a "buy" rating and a $312.00 price objective on the stock. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $284.53.

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.