Corient Private Wealth LP Has $102.11 Million Stock Holdings in The Progressive Corporation $PGR

Corient Private Wealth LP trimmed its position in shares of The Progressive Corporation (NYSE:PGR) by 38.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 467,429 shares of the insurance provider’s stock after selling 292,230 shares during the quarter. Corient Private Wealth LP’s holdings in Progressive were worth $102,110,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in PGR. California State Teachers Retirement System increased its position in Progressive by 23,059.4% during the second quarter. California State Teachers Retirement System now owns 199,767,282 shares of the insurance provider’s stock worth $43,639,163,000 after buying an additional 198,904,705 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Progressive in the second quarter worth about $10,496,271,000. Bank of America Corp DE bought a new stake in shares of Progressive during the 2nd quarter worth about $2,682,342,000. Norges Bank bought a new stake in shares of Progressive during the 4th quarter worth about $1,836,094,000. Finally, GQG Partners LLC acquired a new position in shares of Progressive during the 2nd quarter valued at about $1,538,570,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their ownership of the stock. 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. Over the last ninety days, insiders sold 113,714 shares of company stock worth $24,466,294. Company insiders own 0.32% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $217.46 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $249.71. The company has a 50 day moving average of $216.68 and a 200-day moving average of $208.21. The stock has a market capitalization of $126.42 billion, a P/E ratio of 10.91, a P/E/G ratio of 2.88 and a beta of 0.27.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.40 EPS. As a group, equities research analysts forecast that The Progressive Corporation will post 17.76 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Progressive from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 28th. UBS Group raised their target price on Progressive from $225.00 to $234.00 and gave the company a “neutral” rating in a report on Thursday, August 27th. Keefe, Bruyette & Woods upgraded Progressive from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $226.00 to $250.00 in a research note on Thursday, August 20th. JPMorgan Chase & Co. decreased their target price on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Finally, Mizuho set a $236.00 target price on shares of Progressive in a research note on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $236.26.

Progressive Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.