Moran Wealth Management LLC Has $33.01 Million Stake in The Progressive Corporation $PGR

Moran Wealth Management LLC reduced its stake in The Progressive Corporation (NYSE:PGR) by 14.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 133,675 shares of the insurance provider’s stock after selling 23,461 shares during the quarter. Progressive makes up 1.0% of Moran Wealth Management LLC’s investment portfolio, making the stock its 13th largest holding. Moran Wealth Management LLC’s holdings in Progressive were worth $33,011,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. New York Life Investment Management LLC grew its holdings in Progressive by 1.4% during the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after acquiring an additional 1,192 shares during the period. Baron Silver Stevens Financial Advisors LLC acquired a new stake in shares of Progressive during the second quarter worth $306,000. Mather Group LLC. increased its holdings in Progressive by 40.6% in the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock valued at $4,159,000 after purchasing an additional 4,865 shares during the last quarter. Gateway Investment Advisers LLC lifted its stake in Progressive by 91.7% in the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock valued at $2,892,000 after buying an additional 5,600 shares during the period. Finally, Wakefield Asset Management LLLP lifted its stake in Progressive by 199.0% in the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock valued at $2,511,000 after buying an additional 6,263 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $209.33 on Thursday. The company has a fifty day moving average price of $222.95 and a 200 day moving average price of $236.69. The firm has a market cap of $122.75 billion, a PE ratio of 11.48, a PEG ratio of 1.29 and a beta of 0.34. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter last year, the firm earned $3.58 earnings per share. Research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods upped their price target on Progressive from $250.00 to $252.00 and gave the company a “market perform” rating in a research note on Tuesday. Barclays upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating in a report on Thursday. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Finally, Raymond James Financial reduced their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $260.27.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,034 shares of company stock worth $2,047,481 over the last quarter. 0.34% of the stock is owned by corporate insiders.

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.