SteelPeak Wealth LLC Has $1.36 Million Stake in The Progressive Co. (NYSE:PGR)

SteelPeak Wealth LLC reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 34.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 5,666 shares of the insurance provider’s stock after selling 3,027 shares during the quarter. SteelPeak Wealth LLC’s holdings in Progressive were worth $1,358,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter valued at $25,000. Webster Bank N. A. purchased a new position in Progressive in the fourth quarter valued at about $26,000. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in shares of Progressive during the 2nd quarter worth about $36,000. Finally, Friedenthal Financial acquired a new stake in shares of Progressive during the 3rd quarter valued at about $49,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 9,066 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,506 shares of company stock worth $10,531,159. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

NYSE:PGR opened at $246.25 on Thursday. The firm’s 50-day moving average is $247.89 and its 200-day moving average is $244.25. The company has a market cap of $144.26 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 0.62 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 52-week low of $175.50 and a 52-week high of $270.62.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Equities research analysts anticipate that The Progressive Co. will post 13.51 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is currently 2.91%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PGR shares. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Jefferies Financial Group lifted their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Evercore ISI boosted their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, TD Cowen increased their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $274.65.

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.