Legacy Wealth Asset Management LLC Has $2.97 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Legacy Wealth Asset Management LLC lessened its holdings in The Progressive Co. (NYSE:PGR) by 2.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,700 shares of the insurance provider’s stock after selling 306 shares during the period. Progressive makes up 0.8% of Legacy Wealth Asset Management LLC’s portfolio, making the stock its 16th biggest position. Legacy Wealth Asset Management LLC’s holdings in Progressive were worth $2,969,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Wealth Enhancement Advisory Services LLC raised its position in Progressive by 96.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 65,382 shares of the insurance provider’s stock worth $13,522,000 after purchasing an additional 32,115 shares in the last quarter. Register Financial Advisors LLC bought a new stake in Progressive during the first quarter worth about $35,000. Financial Management Professionals Inc. grew its stake in Progressive by 69.9% during the first quarter. Financial Management Professionals Inc. now owns 231 shares of the insurance provider’s stock worth $48,000 after buying an additional 95 shares during the last quarter. New Mexico Educational Retirement Board grew its stake in Progressive by 11.5% during the first quarter. New Mexico Educational Retirement Board now owns 33,975 shares of the insurance provider’s stock worth $7,027,000 after buying an additional 3,500 shares during the last quarter. Finally, D.B. Root & Company LLC bought a new stake in Progressive during the first quarter worth about $245,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,843 shares of company stock worth $18,674,912. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 1.3 %

Shares of NYSE PGR opened at $243.78 on Friday. The company’s 50 day simple moving average is $250.34 and its 200 day simple moving average is $225.10. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46. The firm has a market capitalization of $142.77 billion, a P/E ratio of 17.72, a P/E/G ratio of 0.68 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PGR shares. Wells Fargo & Company upped their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Roth Mkm upped their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Evercore ISI increased their price target on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley increased their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $263.19.

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.