SYSTM Wealth Solutions LLC Reduces Position in The Progressive Co. (NYSE:PGR)

SYSTM Wealth Solutions LLC lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 61.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,803 shares of the insurance provider’s stock after selling 17,395 shares during the period. SYSTM Wealth Solutions LLC’s holdings in Progressive were worth $2,244,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Gilbert & Cook Inc. boosted its holdings in Progressive by 8.6% in the 4th quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after purchasing an additional 233 shares during the last quarter. 9258 Wealth Management LLC boosted its holdings in Progressive by 18.8% in the 4th quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 401 shares during the last quarter. Gryphon Financial Partners LLC acquired a new position in Progressive in the 4th quarter valued at about $307,000. Independent Advisor Alliance boosted its holdings in Progressive by 1.9% in the 4th quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock valued at $548,000 after purchasing an additional 64 shares during the last quarter. Finally, UBS Group AG boosted its holdings in Progressive by 60.5% in the 4th quarter. UBS Group AG now owns 1,222,138 shares of the insurance provider’s stock valued at $194,662,000 after purchasing an additional 460,454 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 0.2 %

Shares of NYSE:PGR opened at $256.91 on Wednesday. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46. The company’s 50 day moving average is $231.42 and its two-hundred day moving average is $216.02. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market cap of $150.47 billion, a PE ratio of 26.30, a P/E/G ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the prior year, the firm posted $0.57 EPS. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. Equities analysts predict that The Progressive Co. will post 12.29 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Analyst Upgrades and Downgrades

PGR has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. The Goldman Sachs Group upgraded shares of Progressive from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $230.00 to $262.00 in a report on Thursday, August 15th. Evercore ISI upped their price objective on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Barclays assumed coverage on shares of Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective on the stock. 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $256.12.

Insider Buying and Selling at Progressive

In related news, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The disclosure for this sale can be found here. In the last three months, insiders have sold 146,704 shares of company stock valued at $33,367,408. 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.