Teamwork Financial Advisors LLC Lowers Holdings in The Progressive Corporation $PGR

Teamwork Financial Advisors LLC lowered its position in The Progressive Corporation (NYSE:PGR) by 86.0% during the 3rd quarter, Holdings Channel reports. The firm owned 9,737 shares of the insurance provider’s stock after selling 59,986 shares during the quarter. Teamwork Financial Advisors LLC’s holdings in Progressive were worth $2,405,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Atlantic Union Bankshares Corp purchased a new position in shares of Progressive during the second quarter valued at $33,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares in the last quarter. Howard Hughes Medical Institute bought a new position in Progressive during the 2nd quarter worth about $34,000. Ransom Advisory Ltd purchased a new position in Progressive during the 1st quarter valued at about $35,000. Finally, Activest Wealth Management raised its holdings in shares of Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the transaction, the chief financial officer owned 223,024 shares in the company, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the transaction, the insider directly owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. This represents a 4.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 7,690 shares of company stock worth $1,745,350. 0.34% of the stock is owned by insiders.

Progressive Stock Down 1.1%

Progressive stock opened at $224.87 on Friday. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The business has a fifty day moving average price of $223.08 and a 200-day moving average price of $241.60. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $131.86 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.01 and a beta of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter last year, the business posted $3.58 earnings per share. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be paid a $0.10 dividend. The ex-dividend date is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.19%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PGR shares. Evercore ISI dropped their price objective on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Wells Fargo & Company lifted their price target on Progressive from $246.00 to $247.00 and gave the company an “equal weight” rating in a report on Thursday, November 20th. Morgan Stanley restated an “underweight” rating on shares of Progressive in a research note on Wednesday. Finally, William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $264.98.

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.