Atria Wealth Solutions Inc. Reduces Stake in The Progressive Co. (NYSE:PGR)

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

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Valley National Advisers Inc. lifted its position in Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new position in Progressive during the fourth quarter valued at $39,000. Arlington Trust Co LLC purchased a new position in Progressive during the third quarter valued at $36,000. Criterion Capital Advisors LLC purchased a new position in Progressive during the fourth quarter valued at $47,000. Finally, BOK Financial Private Wealth Inc. purchased a new position in Progressive during the fourth quarter valued at $48,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Progressive news, insider Karen Bailo sold 8,464 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,139 shares of company stock worth $7,458,139. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

NYSE:PGR opened at $208.03 on Monday. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $121.84 billion, a P/E ratio of 21.29, a P/E/G ratio of 0.82 and a beta of 0.35. 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 posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 earnings per share. On average, equities research analysts forecast that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PGR. Keefe, Bruyette & Woods lifted their target price on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Morgan Stanley lifted their target price on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Piper Sandler restated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. HSBC boosted their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Finally, TD Cowen began coverage on Progressive in a research report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus price target of $211.88.

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.