The Progressive Corporation $PGR Shares Sold by Wakefield Asset Management LLLP

Key Points

• Wakefield Asset Management LLLP cut its Progressive stake by 51.5% in Q3, selling 4,844 shares and leaving it with 4,567 shares worth about $1.13 million per its SEC filing.
• Insiders have been net sellers, disposing of 12,761 shares worth $2.66 million in the past 90 days — including Maribel Pumarejo (739 shares at $203.25) and Andrew J. Quigg (1,649 shares at $204.35).
• Analysts have a consensus rating of "Hold" on Progressive with a $243.28 average target, while the stock trades near $206.90 and the company has a market cap of about $121.2 billion (P/E ~10.75).

Wakefield Asset Management LLLP cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 51.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,567 shares of the insurance provider's stock after selling 4,844 shares during the period. Wakefield Asset Management LLLP's holdings in Progressive were worth $1,128,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PGR. Bell Investment Advisors Inc increased its holdings in Progressive by 20.8% during the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider's stock worth $68,000 after purchasing an additional 44 shares during the last quarter. Maia Wealth LLC raised its holdings in Progressive by 5.4% in the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider's stock valued at $229,000 after acquiring an additional 44 shares in the last quarter. Selective Wealth Management Inc. boosted its stake in Progressive by 2.1% during the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider's stock valued at $538,000 after acquiring an additional 45 shares during the last quarter. Liberty One Investment Management LLC grew its holdings in Progressive by 3.8% during the 3rd quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider's stock worth $319,000 after acquiring an additional 47 shares in the last quarter. Finally, True Wealth Design LLC increased its position in shares of Progressive by 20.8% in the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider's stock worth $69,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In other news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider directly owned 39,626 shares in the company, valued at $8,097,573.10. The trade was a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,761 shares of company stock valued at $2,659,420 in the last ninety days. Insiders own 0.33% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group restated a "buy" rating and issued a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. HSBC cut Progressive from a "strong-buy" rating to a "hold" rating in a research note on Friday, January 16th. Barclays upgraded Progressive from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $257.00 to $265.00 in a research report on Thursday, January 8th. Wells Fargo & Company dropped their price target on Progressive from $220.00 to $214.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 19th. Finally, BMO Capital Markets lowered their target price on shares of Progressive from $239.00 to $232.00 and set a "market perform" rating for the company in a research note on Thursday, January 29th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Progressive currently has an average rating of "Hold" and a consensus target price of $243.28.

Progressive Stock Performance

PGR stock opened at $206.90 on Wednesday. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The stock has a market capitalization of $121.23 billion, a price-to-earnings ratio of 10.75, a PEG ratio of 9.00 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The stock's fifty day moving average is $208.09 and its two-hundred day moving average is $223.19.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is 2.08%.

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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