ZWJ Investment Counsel Inc. Increases Holdings in The Progressive Corporation $PGR

ZWJ Investment Counsel Inc. grew its holdings in The Progressive Corporation (NYSE:PGR) by 8.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 197,021 shares of the insurance provider’s stock after buying an additional 15,451 shares during the quarter. Progressive makes up about 1.7% of ZWJ Investment Counsel Inc.’s investment portfolio, making the stock its 20th largest holding. ZWJ Investment Counsel Inc.’s holdings in Progressive were worth $48,654,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Atlantic Union Bankshares Corp bought a new stake in Progressive in the second quarter valued at $33,000. Ransom Advisory Ltd purchased a new stake in shares of Progressive in the 1st quarter worth about $35,000. Howard Hughes Medical Institute bought a new stake in shares of Progressive during the 2nd quarter valued at about $34,000. Activest Wealth Management increased its position in shares of Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares during the period. Finally, Westside Investment Management Inc. lifted its holdings in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 9,034 shares of company stock worth $2,047,481. Insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.1%

NYSE:PGR opened at $227.66 on Thursday. The stock has a market cap of $133.50 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.27 and a beta of 0.36. The Progressive Corporation has a 52 week low of $199.90 and a 52 week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19. The company’s 50 day moving average price is $222.36 and its 200-day moving average price is $239.72.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the prior year, the business posted $3.58 earnings per share. On average, equities research analysts forecast 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 quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.19%.

Analyst Ratings Changes

Several research analysts have recently issued reports on PGR shares. HSBC set a $259.00 target price on Progressive and gave the stock an “underperform” rating in a research report on Monday, November 17th. Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Raymond James Financial reduced their target price on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Mizuho started coverage on shares of Progressive in a research report on Monday, December 15th. They set a “neutral” rating and a $242.00 price target for the company. Finally, Evercore ISI cut their price objective on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive has an average rating of “Hold” and a consensus target price of $264.98.

Progressive Company 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.