Corient Private Wealth LP Invests $105.85 Million in The Progressive Corporation $PGR

Corient Private Wealth LP purchased a new stake in The Progressive Corporation (NYSE:PGR) in the 2nd quarter, HoldingsChannel reports. The fund purchased 484,554 shares of the insurance provider’s stock, valued at approximately $105,851,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of Nova Scotia purchased a new position in shares of Progressive during the second quarter valued at $76,260,000. Allstate Corp lifted its stake in Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after acquiring an additional 22,915 shares in the last quarter. Norges Bank acquired a new stake in Progressive during the 4th quarter worth about $1,836,094,000. Investment House LLC acquired a new stake in Progressive during the 4th quarter worth about $8,447,000. Finally, Callan Family Office LLC purchased a new position in Progressive during the 2nd quarter valued at about $3,025,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $219.40, for a total transaction of $268,765.00. Following the transaction, the insider directly owned 31,257 shares in the company, valued at $6,857,785.80. This trade represents a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares of the company’s stock, valued at $8,908,847.43. This represents a 14.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 83,449 shares of company stock worth $17,685,203 in the last 90 days. 0.32% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of PGR opened at $222.36 on Thursday. The firm has a market cap of $129.27 billion, a PE ratio of 11.15, a PEG ratio of 2.96 and a beta of 0.27. The firm’s 50 day moving average price is $216.64 and its 200 day moving average price is $207.04. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $249.83.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.40 earnings per share. As a group, research analysts expect that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st 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, October 1st. Progressive’s payout ratio is presently 2.01%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PGR shares. Jefferies Financial Group reissued a “hold” rating and issued a $228.00 price target on shares of Progressive in a research report on Wednesday, August 19th. Roth Capital reiterated a “buy” rating and issued a $245.00 price objective on shares of Progressive in a research note on Thursday, August 20th. UBS Group increased their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Finally, Keefe, Bruyette & Woods upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $226.00 to $250.00 in a report on Thursday, August 20th. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $236.05.

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.