Osprey Private Wealth LLC Boosts Position in The Progressive Corporation $PGR

Osprey Private Wealth LLC lifted its stake in The Progressive Corporation (NYSE:PGR) by 31.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 24,555 shares of the insurance provider’s stock after acquiring an additional 5,880 shares during the period. Progressive accounts for approximately 2.2% of Osprey Private Wealth LLC’s portfolio, making the stock its 18th biggest position. Osprey Private Wealth LLC’s holdings in Progressive were worth $6,064,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in Progressive in the second quarter valued at approximately $33,000. Ransom Advisory Ltd acquired a new position in shares of Progressive in the 1st quarter valued at $35,000. Howard Hughes Medical Institute purchased a new stake in Progressive in the 2nd quarter valued at $34,000. Activest Wealth Management boosted its stake 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 worth $37,000 after buying an additional 127 shares during the period. Finally, Westside Investment Management Inc. boosted its stake in shares of Progressive by 900.0% during 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.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PGR shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a report on Monday. Wolfe Research initiated coverage on shares of Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Barclays cut their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Bank of America decreased their price target on Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. Finally, William Blair cut Progressive to a “market perform” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $264.74.

Progressive Stock Down 2.0%

PGR stock opened at $227.25 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99. The firm has a market capitalization of $133.26 billion, a PE ratio of 12.47, a P/E/G ratio of 1.03 and a beta of 0.36. The company’s 50 day simple moving average is $223.42 and its 200-day simple moving average is $241.71.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The company had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same period in the previous year, the business earned $3.58 EPS. Equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Activity

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the transaction, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider owned 27,698 shares in the company, valued at $6,323,176.42. This trade represents a 4.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,673 shares of company stock valued at $4,163,005 over the last quarter. Insiders own 0.34% of the company’s stock.

About Progressive

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.