Atria Wealth Solutions Inc. Has $2.56 Million Stock Position in The Progressive Co. (NYSE:PGR)

Atria Wealth Solutions Inc. reduced its stake in The Progressive Co. (NYSE:PGR) by 14.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,050 shares of the insurance provider’s stock after selling 2,819 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Progressive were worth $2,556,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Carret Asset Management LLC lifted its stake in shares of Progressive by 19.2% in the fourth quarter. Carret Asset Management LLC now owns 20,500 shares of the insurance provider’s stock worth $3,265,000 after acquiring an additional 3,300 shares during the period. Alaska Permanent Fund Corp lifted its stake in shares of Progressive by 7,429.0% in the fourth quarter. Alaska Permanent Fund Corp now owns 29,589 shares of the insurance provider’s stock worth $4,713,000 after acquiring an additional 29,196 shares during the period. Harvest Fund Management Co. Ltd increased its holdings in Progressive by 1,086.6% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 1,329 shares of the insurance provider’s stock worth $212,000 after purchasing an additional 1,217 shares in the last quarter. GAMMA Investing LLC bought a new stake in Progressive in the fourth quarter worth approximately $655,000. Finally, Linden Thomas Advisory Services LLC bought a new stake in Progressive in the fourth quarter worth approximately $213,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,139 shares of company stock valued at $7,458,139. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 1.0 %

Shares of NYSE:PGR opened at $208.03 on Monday. The stock has a market cap of $121.84 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 0.82 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $216.21. The business’s 50 day moving average is $202.45 and its 200 day moving average is $177.99.

Progressive (NYSE:PGR) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the previous year, the firm earned $0.65 earnings per share. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts forecast that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were given a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is currently 4.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. The Goldman Sachs Group lifted their target price on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. JPMorgan Chase & Co. lifted their target price on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Morgan Stanley lifted their target price on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Finally, Citigroup lifted their target price on Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus target price of $211.88.

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.