Legacy Wealth Asset Management LLC Has $2.55 Million Holdings in The Progressive Co. (NYSE:PGR)

Legacy Wealth Asset Management LLC trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,341 shares of the insurance provider’s stock after selling 359 shares during the quarter. Progressive comprises 0.7% of Legacy Wealth Asset Management LLC’s portfolio, making the stock its 21st biggest holding. Legacy Wealth Asset Management LLC’s holdings in Progressive were worth $2,552,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Progressive in the 4th quarter valued at approximately $1,078,831,000. Wellington Management Group LLP raised its position in shares of Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. 1832 Asset Management L.P. lifted its stake in shares of Progressive by 237.8% in the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after buying an additional 1,045,883 shares during the last quarter. Confluence Investment Management LLC bought a new stake in shares of Progressive during the 1st quarter worth $188,642,000. Finally, Los Angeles Capital Management LLC grew its stake in Progressive by 279.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock valued at $129,237,000 after buying an additional 597,401 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $210.40, for a total value of $2,104,000.00. Following the completion of the transaction, the chief financial officer now owns 302,958 shares in the company, valued at $63,742,363.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the sale, the chief financial officer now owns 302,958 shares in the company, valued at $63,742,363.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The disclosure for this sale can be found here. Insiders have sold a total of 34,518 shares of company stock worth $7,159,674 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of PGR traded down $0.75 during mid-day trading on Thursday, reaching $210.27. The company had a trading volume of 1,284,908 shares, compared to its average volume of 2,506,822. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The company has a market capitalization of $123.16 billion, a P/E ratio of 21.52, a P/E/G ratio of 0.82 and a beta of 0.35. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $217.77. The company’s 50-day moving average is $209.32 and its 200-day moving average is $194.75.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.65 earnings per share. On average, equities analysts anticipate that The Progressive Co. will post 11.26 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America boosted their target price on shares of Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Roth Mkm reaffirmed a “buy” rating and issued a $235.00 target price on shares of Progressive in a report on Wednesday, June 26th. UBS Group increased their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $235.00 price target on shares of Progressive in a report on Monday, June 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $216.81.

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.