Kestra Investment Management LLC Has $1.02 Million Stock Position in The Progressive Corporation $PGR

Kestra Investment Management LLC reduced its position in shares of The Progressive Corporation (NYSE:PGR) by 39.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,462 shares of the insurance provider’s stock after selling 2,947 shares during the quarter. Kestra Investment Management LLC’s holdings in Progressive were worth $1,016,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PGR. Brighton Jones LLC raised its stake in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new position in Progressive during the 4th quarter worth approximately $269,000. Bison Wealth LLC raised its stake in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares during the period. HUB Investment Partners LLC raised its stake in Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC increased its holdings in Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. The trade was a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 3,928 shares of company stock worth $831,251. 0.32% of the stock is owned by company insiders.

Progressive Stock Performance

PGR stock opened at $199.05 on Wednesday. The firm has a market cap of $116.31 billion, a PE ratio of 10.12, a P/E/G ratio of 7.30 and a beta of 0.31. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average of $200.22 and a 200-day moving average of $210.12. The Progressive Corporation has a 12-month low of $191.75 and a 12-month high of $289.96.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $4.37 earnings per share. As a group, sell-side analysts expect that The Progressive Corporation will post 16.36 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.03%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Barclays set a $247.00 target price on Progressive in a research report on Wednesday, March 18th. Citigroup cut their target price on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Roth Mkm set a $235.00 target price on Progressive in a research report on Thursday, February 19th. Finally, UBS Group lifted their target price on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research report on Monday, March 23rd. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $238.11.

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.