U.S. Capital Wealth Advisors LLC Sells 3,529 Shares of The Progressive Corporation $PGR

Key Points

• U.S. Capital Wealth Advisors LLC reduced its stake in The Progressive Corporation by 11.4%, now holding 27,482 shares valued at $7.33 million after selling 3,529 shares recently.
• Insiders, including John Jo Murphy and Patrick K. Callahan, sold a total of 140,045 shares worth approximately $34.6 million in the last 90 days, indicating significant insider activity.
• Analysts' ratings for Progressive are mixed, with six analysts recommending a Buy and twelve advising to Hold, while the stock has an average target price of $279.31.

U.S. Capital Wealth Advisors LLC decreased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 11.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 27,482 shares of the insurance provider's stock after selling 3,529 shares during the period. U.S. Capital Wealth Advisors LLC's holdings in Progressive were worth $7,334,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Park Avenue Securities LLC boosted its holdings in Progressive by 22.8% in the 2nd quarter. Park Avenue Securities LLC now owns 34,464 shares of the insurance provider's stock valued at $9,197,000 after purchasing an additional 6,392 shares during the period. Avanza Fonder AB boosted its holdings in Progressive by 0.3% in the 2nd quarter. Avanza Fonder AB now owns 42,829 shares of the insurance provider's stock valued at $11,429,000 after purchasing an additional 147 shares during the period. Matrix Trust Co boosted its holdings in Progressive by 58.1% in the 2nd quarter. Matrix Trust Co now owns 1,306 shares of the insurance provider's stock valued at $349,000 after purchasing an additional 480 shares during the period. Arthur M. Cohen & Associates LLC boosted its holdings in Progressive by 0.3% in the 2nd quarter. Arthur M. Cohen & Associates LLC now owns 34,294 shares of the insurance provider's stock valued at $9,152,000 after purchasing an additional 109 shares during the period. Finally, BTC Capital Management Inc. boosted its holdings in Progressive by 36.2% in the 2nd quarter. BTC Capital Management Inc. now owns 5,404 shares of the insurance provider's stock valued at $1,442,000 after purchasing an additional 1,436 shares during the period. Institutional investors own 85.34% of the company's stock.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the transaction, the insider owned 43,506 shares of the company's stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,045 shares of company stock valued at $34,635,290 over the last 90 days. 0.33% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PGR shares. Barclays cut their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a report on Tuesday, August 19th. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Evercore ISI cut shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research report on Thursday, July 17th. BMO Capital Markets set a $252.00 target price on shares of Progressive in a research report on Thursday. Finally, Jefferies Financial Group dropped their target price on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $279.31.

Progressive Trading Down 0.4%

Shares of NYSE PGR opened at $241.26 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The firm has a 50 day moving average price of $245.70 and a two-hundred day moving average price of $262.95. The stock has a market cap of $141.43 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same period in the prior year, the company posted $2.48 EPS. The company's revenue was up 12.1% on a year-over-year basis. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

Progressive Company 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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.