EverSource Wealth Advisors LLC Sells 971 Shares of The Progressive Co. (NYSE:PGR)

EverSource Wealth Advisors LLC decreased its position in shares of The Progressive Co. (NYSE:PGR) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 67,583 shares of the insurance provider’s stock after selling 971 shares during the period. Progressive makes up about 1.1% of EverSource Wealth Advisors LLC’s investment portfolio, making the stock its 19th largest position. EverSource Wealth Advisors LLC’s holdings in Progressive were worth $14,074,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PGR. Sachetta LLC bought a new position in shares of Progressive in the fourth quarter worth about $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive in the fourth quarter worth about $25,000. Valley National Advisers Inc. lifted its stake in Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 112 shares during the period. Indiana Trust & Investment Management CO purchased a new stake in Progressive in the first quarter worth about $32,000. Finally, Register Financial Advisors LLC purchased a new stake in Progressive in the first quarter worth about $35,000. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR traded up $1.66 during midday trading on Friday, reaching $216.94. 1,769,793 shares of the company’s stock traded hands, compared to its average volume of 2,572,837. The Progressive Co. has a 1 year low of $124.06 and a 1 year high of $229.00. The company has a market cap of $127.06 billion, a P/E ratio of 22.20, a PEG ratio of 0.75 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.32 and a current ratio of 0.33. The company has a fifty day simple moving average of $211.29 and a two-hundred day simple moving average of $202.64.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. Equities analysts predict that The Progressive Co. will post 12.02 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd were issued a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.18%. Progressive’s payout ratio is currently 4.09%.

Analyst Ratings Changes

A number of analysts recently weighed in on PGR shares. UBS Group upped their price objective on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Roth Mkm reaffirmed a “buy” rating and issued a $235.00 price objective on shares of Progressive in a research note on Wednesday, July 17th. BMO Capital Markets increased their price target on shares of Progressive from $235.00 to $239.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Citigroup decreased their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Finally, Morgan Stanley decreased their price target on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, June 10th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $222.94.

Insider Buying and Selling at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,168 shares of company stock worth $22,937,984. Corporate insiders own 0.34% of the company’s stock.

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.