CreativeOne Wealth LLC has significantly decreased its holdings in The Progressive Corporation (NYSE:PGR), selling 956 shares during the second quarter of 2023. This reduction, amounting to a 36.2% decrease, leaves the institutional investor with a total of 1,686 shares valued at approximately $450,000 as per the latest filing with the Securities and Exchange Commission.
Several other institutional investors have also adjusted their positions in Progressive. Notably, Atlantic Union Bankshares Corp acquired a new stake worth about $33,000 in the second quarter. Westside Investment Management Inc. raised its holdings by an impressive 900.0%, now owning 130 shares valued at $34,000 after purchasing an additional 117 shares. Similarly, Ransom Advisory Ltd and Activest Wealth Management made new investments during the first quarter, with the latter increasing its stake by 6,350.0% to own 129 shares valued at $37,000. Richardson Financial Services Inc. also expanded its position in Progressive, growing by 1,885.7% in the second quarter, now holding 139 shares valued at $37,000. Overall, institutional investors own 85.34% of Progressive’s stock.
Analyst Ratings and Market Performance
Progressive has drawn attention from various analysts who have issued reports on the stock. Morgan Stanley set a target price of $214.00 while rating the stock as “underweight.” Conversely, Cantor Fitzgerald upgraded Progressive to a “hold” status. UBS Group adjusted its price target down from $268.00 to $261.00 while maintaining a “neutral” rating. The Goldman Sachs Group also revised its target, lowering it from $276.00 to $245.00 and labeling it as a “buy.” Wells Fargo & Company slightly increased its target from $246.00 to $247.00, maintaining an “equal weight” rating.
As a result of these ratings, Progressive currently holds a consensus rating of “Hold” with an average target price of $266.52. Among investment analysts, one has given a “Strong Buy” rating, six have rated it as a “Buy,” eleven as “Hold,” and two as “Sell.”
On October 20, 2023, Progressive stock opened at $228.63, reflecting a minor decline of 0.2% from previous sessions. The company’s financial metrics include a market capitalization of $134.07 billion, a price-to-earnings (P/E) ratio of 12.54, and a debt-to-equity ratio of 0.19. In terms of share performance, Progressive has a twelve-month low of $199.90 and a high of $292.99.
Recent Earnings Report and Insider Activity
The Progressive Corporation recently reported quarterly earnings on October 15, 2023. The company announced earnings per share (EPS) of $4.45, falling short of the consensus estimate of $5.04 by $0.59. The firm reported a return on equity of 33.88% and a net margin of 12.57%. In the quarter, Progressive generated revenues of $21.38 billion, slightly below the expected $21.64 billion. For the current fiscal year, analysts project an EPS of $14.68.
In related insider activity, Steven Broz, an insider, sold 1,345 shares on November 21, 2023, at an average price of $228.29, totaling $307,050.05. Following this transaction, Broz retained 27,698 shares valued at approximately $6,323,176.42, marking a 4.63% decrease in his holdings. Another insider, Patrick K. Callahan, sold 6,420 shares on September 19, 2023, for a total of $1,555,052.40. Post-sale, Callahan holds 15,192 shares valued at about $3,679,806.24.
Over the past three months, insiders have sold a total of 43,332 shares valued at around $10,564,558, while company insiders hold only 0.34% of the stock.
The Progressive Corporation operates as an insurance holding company, providing a range of personal and commercial insurance products across the United States. Its operations are categorized into three primary segments: Personal Lines, Commercial Lines, and Property.