Union Bancaire Privee UBP SA Acquires Shares of 6,690 The Progressive Corporation $PGR

Key Points

• Union Bancaire Privee UBP SA acquired 6,690 shares of The Progressive Corporation, valued at approximately $1,785,000, during the 2nd quarter.
• Insider Lori A. Niederst sold 8,063 shares for over $2 million, indicating a 17.12% decrease in her position.
• Progressive declared a quarterly dividend of $0.10 per share, with the ex-dividend date set for October 2nd.

Union Bancaire Privee UBP SA acquired a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 6,690 shares of the insurance provider's stock, valued at approximately $1,785,000.

A number of other large investors also recently made changes to their positions in the company. Baron Silver Stevens Financial Advisors LLC bought a new position in shares of Progressive during the 2nd quarter worth approximately $306,000. State of Alaska Department of Revenue lifted its position in shares of Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after buying an additional 1,800 shares in the last quarter. Trust Co. of Oklahoma bought a new stake in Progressive during the second quarter worth $439,000. Zurich Insurance Group Ltd FI lifted its holdings in Progressive by 87.9% during the first quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider's stock worth $117,218,000 after acquiring an additional 193,800 shares during the period. Finally, Belmont Capital LLC bought a new stake in Progressive during the first quarter worth $580,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PGR shares. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research note on Wednesday, August 13th. Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective on the stock. in a research report on Thursday, July 17th. Jefferies Financial Group lowered their price target 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. BMO Capital Markets set a $252.00 price target on shares of Progressive in a report on Thursday, September 18th. Finally, Citigroup restated a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $279.75.

Insider Buying and Selling at Progressive

In related news, insider Lori A. Niederst sold 8,063 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the company's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the transaction, the insider directly owned 30,388 shares in the company, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,045 shares of company stock worth $31,997,390 in the last ninety days. Insiders own 0.33% of the company's stock.

Progressive Stock Performance

NYSE:PGR opened at $247.02 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The firm has a market cap of $144.81 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.36 and a beta of 0.32. The business's fifty day moving average is $245.32 and its 200 day moving average is $261.53.

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

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. 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 2.25%.

Progressive Company 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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