Leo Wealth LLC Acquires 8,084 Shares of The Progressive Corporation $PGR

Key Points

• Leo Wealth LLC acquired 8,084 shares of The Progressive Corporation during the third quarter, valued at approximately $1.68 million. Institutional investors collectively own 85.34% of Progressive’s outstanding stock.
• Analysts maintain a generally cautious outlook, with Progressive receiving a consensus “Hold” rating and an average price target of $234.45; nine analysts rate it Buy, 12 Hold, and two Sell.
• Progressive’s shares opened at $229.24, near their 12-month high of $239.38. The company recently paid a quarterly dividend of $0.10 per share, equivalent to a 0.2% annualized yield.

Leo Wealth LLC acquired a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,084 shares of the insurance provider's stock, valued at approximately $1,676,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. BlackRock Inc. purchased a new stake in shares of Progressive during the second quarter valued at $10,496,271,000. Bank of America Corp DE bought a new position in shares of Progressive in the second quarter worth about $2,682,342,000. GQG Partners LLC purchased a new position in Progressive in the 2nd quarter worth about $1,538,570,000. Deutsche Bank AG purchased a new position in Progressive in the 2nd quarter worth about $1,098,838,000. Finally, Jupiter Topco LLC bought a new stake in Progressive during the 2nd quarter valued at about $935,172,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PGR. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $241.00 to $250.00 and gave the company a "neutral" rating in a research report on Monday, October 5th. Jefferies Financial Group restated a "hold" rating and issued a $228.00 target price (up from $213.00) on shares of Progressive in a research note on Wednesday, August 19th. TD Cowen reduced their target price on shares of Progressive from $266.00 to $222.00 and set a "hold" rating on the stock in a research report on Wednesday, July 29th. Raymond James Financial reaffirmed an "outperform" rating on shares of Progressive in a research note on Friday, October 16th. Finally, HSBC reaffirmed a "hold" rating and set a $216.00 price target (down from $221.00) on shares of Progressive in a research note on Wednesday, October 7th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $234.45.

Progressive Price Performance

PGR opened at $229.24 on Tuesday. The company has a market capitalization of $133.27 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 2.74 and a beta of 0.25. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $239.38. The business's fifty day simple moving average is $215.98 and its 200-day simple moving average is $208.91.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio is 2.01%.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,225 shares of the stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the transaction, the insider directly owned 28,807 shares in the company, valued at $6,433,179.24. This represents a 4.08% decrease in their position. The sale was disclosed in a legal 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 Niederst sold 7,339 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the transaction, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 48,352 shares of company stock valued at $10,524,258 over the last three months. 0.32% of the stock is owned by company insiders.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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