The Progressive Co. (NYSE:PGR) Shares Sold by Schechter Investment Advisors LLC

Schechter Investment Advisors LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 29.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,359 shares of the insurance provider’s stock after selling 2,663 shares during the quarter. Schechter Investment Advisors LLC’s holdings in Progressive were worth $1,013,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Tectonic Advisors LLC grew its position in shares of Progressive by 2.3% in the fourth quarter. Tectonic Advisors LLC now owns 35,137 shares of the insurance provider’s stock valued at $5,597,000 after purchasing an additional 779 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Progressive by 2,987.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 558,502 shares of the insurance provider’s stock valued at $88,958,000 after purchasing an additional 540,411 shares during the last quarter. Douglas Lane & Associates LLC grew its position in shares of Progressive by 25.2% in the fourth quarter. Douglas Lane & Associates LLC now owns 2,482 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 500 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $24,477,000. Finally, Kingswood Wealth Advisors LLC grew its position in shares of Progressive by 18.9% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 5,277 shares of the insurance provider’s stock valued at $841,000 after purchasing an additional 838 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of Progressive from $188.00 to $207.00 and gave the company an “overweight” rating in a research note on Thursday, January 25th. BMO Capital Markets upped their price objective on shares of Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. The Goldman Sachs Group upped their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday. Bank of America upped their price objective on shares of Progressive from $256.00 to $261.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Finally, Citigroup upped their price objective on shares of Progressive from $192.00 to $202.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $184.50.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 13,110 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the completion of the sale, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at approximately $75,570,485.62. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Progressive news, insider Andrew J. Quigg sold 551 shares of the firm’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now directly owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 13,110 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the completion of the transaction, the chief executive officer now owns 465,737 shares in the company, valued at $75,570,485.62. The disclosure for this sale can be found here. In the last three months, insiders sold 58,949 shares of company stock valued at $10,671,740. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $206.15 on Thursday. The company’s fifty day simple moving average is $188.82 and its 200-day simple moving average is $167.00. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $207.87. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.35. The company has a market cap of $120.74 billion, a PE ratio of 31.33, a P/E/G ratio of 0.93 and a beta of 0.34.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. The business had revenue of $16.89 billion during the quarter, compared to analyst estimates of $16.10 billion. Progressive had a net margin of 6.28% and a return on equity of 21.25%. During the same period last year, the business earned $1.52 EPS. As a group, equities research analysts anticipate that The Progressive Co. will post 9.82 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Thursday, April 4th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Wednesday, April 3rd. Progressive’s payout ratio is 12.92%.

Progressive Company 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.