Western Wealth Management LLC Reduces Holdings in The Progressive Co. (NYSE:PGR)

Western Wealth Management LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 69.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,605 shares of the insurance provider’s stock after selling 6,014 shares during the quarter. Western Wealth Management LLC’s holdings in Progressive were worth $624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Progressive during the fourth quarter valued at approximately $1,843,045,000. GQG Partners LLC raised its holdings in Progressive by 67.6% in the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock worth $1,239,143,000 after purchasing an additional 2,085,833 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Progressive during the fourth quarter valued at $408,416,000. Capital Research Global Investors boosted its holdings in shares of Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock valued at $1,451,602,000 after buying an additional 1,547,677 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Progressive by 18.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider’s stock worth $1,433,722,000 after buying an additional 915,643 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

Shares of PGR stock opened at $277.33 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average price of $275.22 and a 200-day moving average price of $262.86. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The firm has a market capitalization of $162.58 billion, a PE ratio of 19.26, a P/E/G ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities research analysts expect that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were paid a $0.10 dividend. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is currently 2.70%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PGR shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday. Morgan Stanley set a $330.00 price target on Progressive and gave the stock an “overweight” rating in a research note on Monday, May 19th. Barclays boosted their target price on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a report on Friday, April 11th. Finally, Wells Fargo & Company raised their price target on Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $288.24.

Insider Buying and Selling

In other Progressive news, CAO Carl G. Joyce sold 360 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares of the company’s stock, valued at approximately $180,891.35. This represents a 35.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $279.94, for a total value of $2,799,400.00. Following the sale, the chief financial officer now owns 269,566 shares of the company’s stock, valued at approximately $75,462,306.04. This represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,384 shares of company stock valued at $11,711,495 over the last 90 days. Company 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.