SteelPeak Wealth LLC Invests $1.81 Million in The Progressive Co. (NYSE:PGR)

SteelPeak Wealth LLC acquired a new position in The Progressive Co. (NYSE:PGR) in the first quarter, Holdings Channel.com reports. The fund acquired 8,741 shares of the insurance provider’s stock, valued at approximately $1,808,000.

Other institutional investors have also recently made changes to their positions in the company. Strata Wealth Advisors LLC lifted its position in Progressive by 22.6% during the 1st quarter. Strata Wealth Advisors LLC now owns 22,040 shares of the insurance provider’s stock worth $4,558,000 after acquiring an additional 4,062 shares during the period. Sandy Cove Advisors LLC acquired a new stake in Progressive during the 1st quarter worth about $311,000. D.B. Root & Company LLC acquired a new stake in Progressive during the 1st quarter worth about $245,000. New Mexico Educational Retirement Board lifted its position in Progressive by 11.5% during the 1st quarter. New Mexico Educational Retirement Board now owns 33,975 shares of the insurance provider’s stock worth $7,027,000 after acquiring an additional 3,500 shares during the period. Finally, First Bank & Trust lifted its holdings in shares of Progressive by 3.6% in the 1st quarter. First Bank & Trust now owns 12,730 shares of the insurance provider’s stock valued at $2,633,000 after buying an additional 438 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 3,050 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 3,050 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Insiders have sold 24,518 shares of company stock worth $5,055,674 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Down 1.7 %

PGR opened at $207.71 on Monday. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The stock has a market capitalization of $121.66 billion, a PE ratio of 21.26, a P/E/G ratio of 0.80 and a beta of 0.35. The business’s 50 day moving average price is $209.49 and its 200 day moving average price is $193.84. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32.

Progressive (NYSE:PGR) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the prior year, the firm posted $0.65 earnings per share. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, equities research analysts expect that The Progressive Co. will post 11.27 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PGR shares. JPMorgan Chase & Co. boosted their price objective on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Roth Mkm reissued a “buy” rating and issued a $235.00 price objective on shares of Progressive in a report on Wednesday, June 26th. The Goldman Sachs Group lifted their price target on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. UBS Group lifted their price target on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Finally, Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $216.81.

About Progressive

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.