B. Riley Wealth Advisors Inc. Sells 1,361 Shares of The Progressive Co. (NYSE:PGR)

B. Riley Wealth Advisors Inc. cut its holdings in The Progressive Co. (NYSE:PGR) by 21.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,022 shares of the insurance provider’s stock after selling 1,361 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Progressive were worth $1,271,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Townsquare Capital LLC increased its position in Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after buying an additional 3,720 shares during the period. Diversified Trust Co increased its position in Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after acquiring an additional 11,770 shares during the period. Sycomore Asset Management raised its stake in Progressive by 9.5% during the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares during the period. Finally, Cumberland Partners Ltd grew its position in Progressive by 116.7% in the 3rd quarter. Cumberland Partners Ltd now owns 6,500 shares of the insurance provider’s stock worth $1,649,000 after purchasing an additional 3,500 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets cut their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday. Barclays lifted their price objective on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Bank of America upped their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, Roth Mkm lifted their price target 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. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $273.81.

Insider Buying and Selling

In other news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares in the company, valued at $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. This trade represents a 33.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,839 shares of company stock worth $6,718,965 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $250.25 on Tuesday. The Progressive Co. has a 1-year low of $154.38 and a 1-year high of $270.62. The company has a 50 day moving average of $254.00 and a 200-day moving average of $237.32. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market cap of $146.60 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 0.70 and a beta of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a $0.10 dividend. The ex-dividend date is Thursday, January 9th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio is 2.91%.

Progressive 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.