The Progressive Corporation $PGR Position Boosted by Evercore Wealth Management LLC

Key Points

• Evercore Wealth Management increased its Progressive stake by 14.5% in the first quarter, bringing its holdings to 317,370 shares worth approximately $62.9 million. Institutional investors and hedge funds collectively own 85.34% of the insurer.
• Progressive traded at $215.61, with a market capitalization of roughly $126 billion and a price-to-earnings ratio of 10.81. The company recently paid a quarterly dividend of $0.10 per share, equivalent to a 0.2% annualized yield.
• Analyst sentiment remains cautious: Progressive has a consensus “Hold” rating from 22 analysts, with a consensus price target of $236.11. Recent analyst actions included price-target cuts from BMO Capital Markets and Wells Fargo, while Morgan Stanley upgraded the stock to “equal weight.”

Evercore Wealth Management LLC grew its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 14.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 317,370 shares of the insurance provider's stock after purchasing an additional 40,117 shares during the period. Evercore Wealth Management LLC owned about 0.05% of Progressive worth $62,915,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Bard Associates Inc. acquired a new position in Progressive in the 4th quarter valued at approximately $27,000. Bogart Wealth LLC grew its holdings in shares of Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. purchased a new position in shares of Progressive during the 4th quarter valued at $29,000. HHM Wealth Advisors LLC increased its stake in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after acquiring an additional 126 shares during the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of Progressive during the fourth quarter worth $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Up 0.8%

Progressive stock opened at $215.61 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The company has a market capitalization of $125.99 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 2.88 and a beta of 0.26. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company's fifty day moving average price is $210.11 and its two-hundred day moving average price is $205.89.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.01%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PGR. BMO Capital Markets reduced their price objective on Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a research report on Thursday, July 16th. Morgan Stanley raised Progressive from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $190.00 to $210.00 in a research note on Friday. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $250.00 price target on shares of Progressive in a report on Tuesday, July 14th. William Blair reissued a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company dropped their price objective on Progressive from $205.00 to $198.00 and set an "underweight" rating on the stock in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $236.11.

Insider Activity at Progressive

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares of the company's stock, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider owned 27,511 shares in the company, valued at approximately $5,633,152.36. This trade represents a 4.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 15,230 shares of company stock valued at $3,165,817. Corporate insiders own 0.32% of the company's stock.

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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