Lord & Richards Wealth Management LLC Decreases Stock Holdings in The Progressive Corporation $PGR

Lord & Richards Wealth Management LLC reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 42.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,818 shares of the insurance provider’s stock after selling 2,813 shares during the quarter. Lord & Richards Wealth Management LLC’s holdings in Progressive were worth $869,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PGR. Selective Wealth Management Inc. grew its stake in Progressive by 2.1% in the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after purchasing an additional 45 shares during the last quarter. Liberty One Investment Management LLC lifted its position in shares of Progressive by 3.8% during the third quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock valued at $319,000 after buying an additional 47 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of Progressive by 20.8% in the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock valued at $69,000 after buying an additional 48 shares in the last quarter. Wealthstream Advisors Inc. boosted its holdings in shares of Progressive by 4.6% in the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after buying an additional 49 shares in the last quarter. Finally, Armstrong Advisory Group Inc. grew its position in shares of Progressive by 10.6% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 541 shares of the insurance provider’s stock worth $134,000 after buying an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of analyst reports. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Bank of America reduced their price target on Progressive from $305.00 to $295.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Evercore reiterated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Keefe, Bruyette & Woods lowered their price objective on Progressive from $232.00 to $227.00 and set a “market perform” rating for the company in a research report on Thursday, March 19th. Finally, Wells Fargo & Company boosted their target price on Progressive from $214.00 to $217.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 19th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $239.22.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 11,687 shares of company stock valued at $2,413,044. 0.33% of the stock is owned by corporate insiders.

Progressive Stock Up 1.1%

Progressive stock opened at $200.98 on Tuesday. The business’s 50-day simple moving average is $205.69 and its two-hundred day simple moving average is $218.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The company has a market cap of $117.57 billion, a PE ratio of 10.45, a PEG ratio of 5.74 and a beta of 0.33. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $289.96.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.08%.

Progressive 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.