Corient Private Wealth LP Reduces Holdings in The Progressive Corporation $PGR

Corient Private Wealth LP cut its position in The Progressive Corporation (NYSE:PGR - Free Report) by 38.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 467,429 shares of the insurance provider's stock after selling 292,230 shares during the quarter. Corient Private Wealth LP owned approximately 0.08% of Progressive worth $102,110,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PGR. Bank of Nova Scotia acquired a new stake in shares of Progressive in the 2nd quarter worth approximately $76,260,000. Allstate Corp grew its holdings in Progressive by 106.1% in the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider's stock valued at $10,136,000 after purchasing an additional 22,915 shares during the last quarter. Norges Bank purchased a new position in shares of Progressive in the fourth quarter valued at $1,836,094,000. Investment House LLC purchased a new position in shares of Progressive in the fourth quarter valued at $8,447,000. Finally, Callan Family Office LLC acquired a new position in Progressive during the second quarter worth about $3,025,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PGR has been the subject of a number of recent research reports. Bank of America dropped their price objective on shares of Progressive from $313.00 to $308.00 and set a "buy" rating for the company in a research note on Thursday, July 16th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $230.00 price target on shares of Progressive in a research note on Wednesday, August 19th. JPMorgan Chase & Co. lowered their price target on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a report on Tuesday, August 4th. Cantor Fitzgerald cut 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, Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Seven equities 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 company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $236.26.

Progressive Trading Up 0.6%

Shares of NYSE PGR opened at $217.46 on Friday. The stock has a market capitalization of $126.42 billion, a P/E ratio of 10.91, a PEG ratio of 2.88 and a beta of 0.27. The stock's 50 day moving average price is $216.68 and its two-hundred day moving average price is $208.21. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $249.71.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts' consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm's revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business earned $5.40 EPS. On average, analysts anticipate that The Progressive Corporation will post 17.76 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is presently 2.01%.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,225 shares of Progressive stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $219.40, for a total value of $268,765.00. Following the transaction, the insider owned 31,257 shares of the company's stock, valued at approximately $6,857,785.80. This trade represents a 3.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. The trade was a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 113,714 shares of company stock valued at $24,466,294 over the last three months. 0.32% of the stock is owned by company insiders.

Progressive Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.

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