Dakota Wealth Management Lowers Position in The Progressive Corporation $PGR

Dakota Wealth Management decreased its stake in The Progressive Corporation (NYSE:PGR) by 39.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,941 shares of the insurance provider’s stock after selling 34,564 shares during the quarter. Dakota Wealth Management’s holdings in Progressive were worth $13,074,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Davis Capital Management bought a new stake in Progressive in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive in the 2nd quarter worth about $33,000. Westside Investment Management Inc. raised its position in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares in the last quarter. Howard Hughes Medical Institute bought a new position in shares of Progressive in the 2nd quarter valued at about $34,000. Finally, TruNorth Capital Management LLC lifted its stake in shares of Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 135 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PGR. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Evercore set a $230.00 target price on Progressive in a report on Thursday. HSBC downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. BMO Capital Markets lowered their target price on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. Finally, Citigroup cut their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and an average price target of $244.71.

Progressive Stock Performance

Shares of Progressive stock opened at $203.52 on Tuesday. The business’s fifty day simple moving average is $212.01 and its 200-day simple moving average is $226.15. The firm has a market cap of $119.34 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 8.92 and a beta of 0.33. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a $0.10 dividend. The ex-dividend date was Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.08%.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,098 shares of company stock worth $2,416,011 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.