Beverly Hills Private Wealth LLC Makes New $815,000 Investment in The Progressive Corporation $PGR

Beverly Hills Private Wealth LLC purchased a new position in The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,732 shares of the insurance provider’s stock, valued at approximately $815,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares in the last quarter. State Street Corp increased its stake in Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after buying an additional 78,374 shares during the period. Capital International Investors raised its position in shares of Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after buying an additional 1,217,527 shares in the last quarter. GQG Partners LLC raised its position in shares of Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after buying an additional 1,092,151 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Progressive in the 4th quarter worth approximately $1,836,094,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, CIO Jonathan S. Bauer sold 2,242 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the transaction, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. This trade represents a 7.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares in the company, valued at approximately $111,199,682.96. The trade was a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock valued at $15,880,459 over the last ninety days. Company insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. UBS Group boosted their target price on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. William Blair restated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Royal Bank Of Canada set a $208.00 price target on Progressive in a research note on Friday, May 22nd. Finally, BMO Capital Markets lowered their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $235.00.

Progressive Stock Performance

Shares of PGR opened at $209.48 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm’s 50 day moving average is $214.36 and its 200-day moving average is $206.46. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The stock has a market capitalization of $121.79 billion, a P/E ratio of 10.51, a P/E/G ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.40 earnings per share. Equities research analysts anticipate that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s payout ratio is presently 2.01%.

Progressive Company 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.