SteelPeak Wealth LLC Has $2.39 Million Stake in The Progressive Corporation $PGR

SteelPeak Wealth LLC boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 18.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,950 shares of the insurance provider's stock after buying an additional 1,365 shares during the period. SteelPeak Wealth LLC's holdings in Progressive were worth $2,388,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Progressive by 1.2% in the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock valued at $15,289,037,000 after buying an additional 622,590 shares during the period. GQG Partners LLC lifted its holdings in Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after buying an additional 3,174,632 shares during the period. Alliancebernstein L.P. lifted its holdings in Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after buying an additional 1,091,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Progressive by 6.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider's stock valued at $1,805,642,000 after buying an additional 396,567 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Progressive during the first quarter valued at about $1,473,180,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares of the company's stock, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares of the company's stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock worth $31,997,390 in the last ninety days. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the topic of several research reports. Bank of America upped their price objective on shares of Progressive from $343.00 to $350.00 and gave the company a "buy" rating in a report on Monday, September 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of Progressive in a report on Saturday, September 27th. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Barclays dropped their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Finally, Jefferies Financial Group dropped their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $279.63.

Progressive Trading Up 1.4%

NYSE:PGR opened at $243.77 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a 50-day moving average of $245.18 and a 200-day moving average of $260.32. The company has a market cap of $142.90 billion, a PE ratio of 13.73, a PEG ratio of 1.34 and a beta of 0.32. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.48 earnings per share. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio is presently 2.25%.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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