AlTi Global Inc. Acquires 441 Shares of The Progressive Co. (NYSE:PGR)

AlTi Global Inc. grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 33.2% in the second quarter, HoldingsChannel reports. The fund owned 1,771 shares of the insurance provider’s stock after purchasing an additional 441 shares during the quarter. AlTi Global Inc.’s holdings in Progressive were worth $368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Aviance Capital Partners LLC purchased a new stake in Progressive in the first quarter worth about $3,628,000. Brevan Howard Capital Management LP purchased a new stake in Progressive in the 4th quarter worth approximately $3,090,000. Concurrent Investment Advisors LLC raised its stake in Progressive by 66.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after acquiring an additional 2,719 shares during the period. Banque Cantonale Vaudoise lifted its holdings in Progressive by 90.4% during the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Councilmark Asset Management LLC bought a new position in shares of Progressive in the first quarter worth approximately $1,890,000. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PGR shares. BMO Capital Markets lowered their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research note on Monday, August 12th. JPMorgan Chase & Co. lifted their target price on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Wells Fargo & Company boosted their price target on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Stock Performance

Shares of NYSE:PGR opened at $252.40 on Friday. The firm has a fifty day simple moving average of $236.62 and a two-hundred day simple moving average of $218.52. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $147.83 billion, a P/E ratio of 25.83, a PEG ratio of 0.72 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the business posted $0.57 earnings per share. The firm’s revenue was up 21.6% on a year-over-year basis. On average, analysts expect that The Progressive Co. will post 12.9 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is presently 4.09%.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now owns 32,780 shares in the company, valued at $7,015,247.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. The disclosure for this sale can be found here. Insiders sold a total of 144,332 shares of company stock worth $33,362,904 over the last three months. 0.34% of the stock is owned by insiders.

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.