Corient Private Wealth LLC Acquires 10,641 Shares of The Progressive Corporation $PGR

Corient Private Wealth LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 832,463 shares of the insurance provider’s stock after purchasing an additional 10,641 shares during the quarter. Corient Private Wealth LLC’s holdings in Progressive were worth $222,151,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive during the 2nd quarter valued at about $33,000. Ransom Advisory Ltd purchased a new position in Progressive in the first quarter worth about $35,000. Howard Hughes Medical Institute bought a new stake in Progressive during the second quarter worth approximately $34,000. Activest Wealth Management raised its position in Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares during the period. Finally, Westside Investment Management Inc. lifted its stake in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 1.8%

Shares of PGR opened at $234.61 on Monday. The firm has a market capitalization of $137.58 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.05 and a beta of 0.36. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The company has a 50-day moving average of $224.07 and a 200 day moving average of $242.48.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The company had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same period last year, the business posted $3.58 earnings per share. On average, research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is 2.19%.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the transaction, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,673 shares of company stock valued at $4,163,005 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PGR. Citigroup cut their target price on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. HSBC set a $259.00 price objective on shares of Progressive and gave the company an “underperform” rating in a research report on Monday, November 17th. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Barclays dropped their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. Finally, Wolfe Research began coverage on shares of Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $266.40.

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.