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

Key Points

• Corient Private Wealth LP initiated a $105.85 million position in Progressive during the second quarter, purchasing 484,554 shares. Institutional investors collectively own 85.34% of the insurer.
• Progressive beat quarterly expectations, reporting $5.67 in EPS versus the $4.64 consensus and revenue of $23.61 billion, up 5% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $236.05, while insiders have sold 83,449 shares worth approximately $17.7 million over the past 90 days.

Corient Private Wealth LP purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 484,554 shares of the insurance provider's stock, valued at approximately $105,851,000. Corient Private Wealth LP owned approximately 0.08% of Progressive as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Bogart Wealth LLC lifted its holdings in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after buying an additional 87 shares during the last quarter. IMG Wealth Management Inc. bought a new stake in shares of Progressive in the 2nd quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new stake in shares of Progressive in the 2nd quarter valued at approximately $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $27,000. Finally, Kilter Group LLC acquired a new stake in shares of Progressive during the 2nd quarter valued at approximately $27,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a report on Friday, May 22nd. Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $190.00 to $210.00 in a report on Friday, July 24th. Mizuho set a $236.00 price target on shares of Progressive in a report on Wednesday, August 5th. Cantor Fitzgerald lowered their price objective on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating for the company in a research report on Monday, August 17th. Finally, William Blair reiterated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $236.05.

Insider Transactions at Progressive

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the sale, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen Bailo sold 8,452 shares of the firm's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the sale, the insider directly owned 32,348 shares of the company's stock, valued at approximately $6,880,743.08. This represents a 20.72% 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 have sold a total of 83,449 shares of company stock valued at $17,685,203 in the last 90 days. 0.32% of the stock is owned by corporate insiders.

Progressive Price Performance

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

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

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given a $0.10 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is 2.01%.

About Progressive

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.

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