The Progressive Corporation (NYSE:PGR) Position Increased by SteelPeak Wealth LLC

SteelPeak Wealth LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 33.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,585 shares of the insurance provider's stock after buying an additional 1,919 shares during the period. SteelPeak Wealth LLC's holdings in Progressive were worth $2,147,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock worth $12,795,262,000 after buying an additional 583,376 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Progressive by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock worth $3,498,363,000 after buying an additional 189,638 shares in the last quarter. Norges Bank bought a new stake in Progressive during the fourth quarter worth approximately $1,843,045,000. Northern Trust Corp boosted its holdings in Progressive by 13.0% during the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after buying an additional 710,684 shares in the last quarter. Finally, Capital Research Global Investors boosted its holdings in Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after buying an additional 1,547,677 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total value of $2,753,700.00. Following the transaction, the chief financial officer directly owned 238,024 shares in the company, valued at $65,544,668.88. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the transaction, the director owned 12,429 shares in the company, valued at $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,705 shares of company stock valued at $11,450,948. 0.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PGR. Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a research report on Monday, April 28th. UBS Group lowered their price objective on shares of Progressive from $291.00 to $280.00 and set a "neutral" rating on the stock in a research report on Wednesday. Morgan Stanley cut shares of Progressive from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $330.00 to $290.00 in a research report on Monday, July 7th. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company lifted their price objective on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Progressive currently has an average rating of "Moderate Buy" and an average price target of $285.41.

Progressive Stock Performance

NYSE:PGR opened at $244.77 on Friday. The firm's 50-day moving average is $271.50 and its 200-day moving average is $265.58. The Progressive Corporation has a 52-week low of $208.13 and a 52-week high of $292.99. 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 company has a market cap of $143.49 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 1.57 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive's payout ratio is currently 2.70%.

About Progressive

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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