Leo Wealth LLC Grows Stake in The Progressive Corporation $PGR

Leo Wealth LLC raised its stake in The Progressive Corporation (NYSE:PGR) by 10.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,886 shares of the insurance provider’s stock after acquiring an additional 358 shares during the period. Leo Wealth LLC’s holdings in Progressive were worth $1,037,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PGR. Nuveen LLC purchased a new stake in shares of Progressive in the first quarter worth $1,473,180,000. GQG Partners LLC boosted its position in shares of Progressive by 61.4% during 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 last quarter. C WorldWide Group Holding A S boosted its position in shares of Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock valued at $353,374,000 after buying an additional 1,238,402 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Progressive by 15.2% during 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 last quarter. Finally, Axiom Investors LLC DE purchased a new stake in shares of Progressive during the first quarter valued at $194,557,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. increased their price objective on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday. Bank of America increased their price objective on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, September 29th. Morgan Stanley dropped their price objective on Progressive from $267.00 to $265.00 and set an “equal weight” rating on the stock in a research report on Monday, September 22nd. Wells Fargo & Company increased their price objective on Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, BMO Capital Markets set a $252.00 target price on Progressive in a report on Thursday, September 18th. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $279.63.

Insider Transactions at Progressive

In other news, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,045 shares of company stock valued at $31,997,390. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.5%

NYSE PGR opened at $241.90 on Friday. The stock’s 50-day moving average price is $245.21 and its 200-day moving average price is $259.98. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The company has a market capitalization of $141.80 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 1.35 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping 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 the consensus estimate of $20.39 billion. During the same quarter last year, the company earned $2.48 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) 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.