Weik Capital Management Sells 865 Shares of The Progressive Corporation $PGR

Weik Capital Management lowered its stake in The Progressive Corporation (NYSE:PGR) by 1.0% in the second quarter, HoldingsChannel.com reports. The firm owned 85,660 shares of the insurance provider’s stock after selling 865 shares during the quarter. Progressive comprises 9.0% of Weik Capital Management’s investment portfolio, making the stock its 3rd largest position. Weik Capital Management’s holdings in Progressive were worth $22,859,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PGR. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive during the second quarter worth $33,000. Ransom Advisory Ltd acquired a new stake in Progressive in the first quarter worth about $35,000. Activest Wealth Management raised its holdings in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 127 shares during the last quarter. Westside Investment Management Inc. lifted its position in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the period. Finally, Accent Capital Management LLC bought a new position in shares of Progressive in the 1st quarter valued at about $39,000. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the transaction, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $220.00, for a total transaction of $295,900.00. Following the sale, the insider directly owned 29,043 shares in the company, valued at $6,389,460. This trade represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 41,987 shares of company stock worth $10,257,508. Insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.4%

Shares of Progressive stock opened at $226.99 on Monday. The firm has a market cap of $133.11 billion, a PE ratio of 12.45, a P/E/G ratio of 1.19 and a beta of 0.29. The business’s 50 day simple moving average is $228.90 and its 200 day simple moving average is $248.17. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PGR shares. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 17th. HSBC set a $259.00 price target on Progressive and gave the company an “underperform” rating in a research note on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research note on Thursday. BMO Capital Markets increased their target price on Progressive from $247.00 to $260.00 and gave the company a “market perform” rating in a research note on Friday. Finally, Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $266.52.

Progressive Profile

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.