The Progressive Corporation $PGR Shares Purchased by Corient Private Wealth LLC

Corient Private Wealth LLC raised its holdings in The Progressive Corporation (NYSE:PGR) by 5.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 905,569 shares of the insurance provider’s stock after purchasing an additional 45,736 shares during the period. Corient Private Wealth LLC owned 0.15% of Progressive worth $206,431,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bard Associates Inc. acquired a new stake in Progressive during the 4th quarter valued at $27,000. Dagco Inc. acquired a new position in shares of Progressive in the fourth quarter worth $28,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at $29,000. Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the last quarter. Finally, Entrust Financial LLC acquired a new position in Progressive in the 4th quarter valued at about $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Down 0.2%

PGR stock opened at $204.42 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a market cap of $119.45 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 5.88 and a beta of 0.28. The business has a fifty day simple moving average of $200.01 and a 200-day simple moving average of $207.23. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $267.92.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter last year, the firm earned $4.37 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities research analysts expect that The Progressive Corporation will post 16.52 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is currently 2.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Bank of America decreased their target price on shares of Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research report on Thursday. Jefferies Financial Group lowered their target price on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Finally, Argus upgraded Progressive to a “hold” rating in a report on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $237.58.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Insider Activity

In related news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the transaction, the insider owned 28,668 shares in the company, valued at approximately $5,733,600. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.32% of the company’s stock.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.