Northwestern Mutual Wealth Management Co. Has $7.57 Million Stock Position in The Progressive Corporation $PGR

Northwestern Mutual Wealth Management Co. lowered its holdings in shares of The Progressive Corporation (NYSE:PGR) by 52.1% in the 4th quarter, HoldingsChannel reports. The firm owned 33,237 shares of the insurance provider’s stock after selling 36,221 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Progressive were worth $7,569,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Dagco Inc. acquired a new stake in Progressive during the fourth quarter worth approximately $28,000. Ameriflex Group Inc. grew its stake in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Bangor Savings Bank grew its stake in Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares during the period. Riverview Trust Co grew its stake in Progressive by 48.6% during the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 53 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in Progressive by 833.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 150 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider owned 32,348 shares in the company, valued at $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares in the company, valued at $5,330,062.50. This represents a 7.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,933 shares of company stock worth $1,441,564 over the last three months. Company insiders own 0.32% of the company’s stock.

Progressive Trading Up 0.2%

Shares of Progressive stock opened at $199.28 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96. The stock has a 50 day moving average price of $200.46 and a two-hundred day moving average price of $210.22. The stock has a market capitalization of $116.45 billion, a PE ratio of 10.13, a price-to-earnings-growth ratio of 7.28 and a beta of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter last year, the firm posted $4.37 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts anticipate that The Progressive Corporation will post 16.37 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued 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 is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Analysts Set New Price Targets

PGR has been the subject of several recent analyst reports. UBS Group raised their target price on Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Jefferies Financial Group decreased their target price on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Piper Sandler reissued an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Bank of America reduced their price objective on Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Argus raised Progressive to a “hold” rating in a research note on Thursday, March 5th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Progressive 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.