Pictet Asset Management Holding SA Purchases 10,605 Shares of The Progressive Corporation $PGR

Pictet Asset Management Holding SA increased its position in shares of The Progressive Corporation (NYSE:PGR) by 3.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 347,477 shares of the insurance provider’s stock after buying an additional 10,605 shares during the period. Pictet Asset Management Holding SA owned 0.06% of Progressive worth $68,885,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Bard Associates Inc. bought a new position in shares of Progressive in the fourth quarter worth about $27,000. Dagco Inc. acquired a new stake in Progressive in the 4th quarter valued at approximately $28,000. HHM Wealth Advisors LLC increased its position in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after buying an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive during the fourth quarter worth approximately $29,000. Finally, Ameriflex Group Inc. lifted its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after buying an additional 65 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock valued at $3,165,817 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PGR. Piper Sandler restated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Barclays set a $247.00 target price on shares of Progressive in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a research report on Thursday, June 18th. Jefferies Financial Group dropped their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price objective on shares of Progressive in a research report on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average price target of $236.84.

Progressive Stock Down 2.3%

PGR opened at $219.13 on Tuesday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $267.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The firm’s fifty day moving average price is $202.17 and its two-hundred day moving average price is $206.72. The company has a market capitalization of $128.05 billion, a P/E ratio of 11.14, a P/E/G ratio of 6.81 and a beta of 0.28.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.37 EPS. On average, analysts anticipate that The Progressive Corporation will post 17.08 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.