GC Wealth Management RIA LLC Reduces Holdings in The Progressive Corporation $PGR

GC Wealth Management RIA LLC lowered its holdings in shares of The Progressive Corporation (NYSE:PGR) by 33.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,729 shares of the insurance provider’s stock after selling 6,267 shares during the period. GC Wealth Management RIA LLC’s holdings in Progressive were worth $2,899,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Davis Capital Management acquired a new stake in shares of Progressive in the 3rd quarter worth $25,000. Dagco Inc. acquired a new stake in shares of Progressive in the 4th quarter worth $28,000. Ameriflex Group Inc. lifted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the period. Bangor Savings Bank lifted its stake in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 58 shares during the period. Finally, Riverview Trust Co lifted its stake in shares of Progressive by 48.6% in the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 53 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 1.2%

Shares of NYSE PGR opened at $200.65 on Thursday. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 52 week low of $192.02 and a 52 week high of $289.96. The firm has a 50-day moving average price of $203.18 and a 200 day moving average price of $212.45. The stock has a market capitalization of $117.38 billion, a price-to-earnings ratio of 10.20, a price-to-earnings-growth ratio of 6.66 and a beta of 0.34.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period last year, the firm posted $4.37 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts anticipate that The Progressive Corporation will post 16.38 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is 2.03%.

Insider Buying and Selling at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the transaction, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 6,933 shares of company stock valued at $1,441,564. Insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PGR shares. Roth Mkm set a $235.00 target price on shares of Progressive in a research note on Thursday, February 19th. Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Citigroup reduced their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Evercore restated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Finally, Piper Sandler restated an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $238.39.

About Progressive

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.