SVB Wealth LLC Invests $1.58 Million in The Progressive Corporation $PGR

SVB Wealth LLC purchased a new stake in The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,921 shares of the insurance provider’s stock, valued at approximately $1,580,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PGR. Atlantic Union Bankshares Corp bought a new position in shares of Progressive during the second quarter worth approximately $33,000. Westside Investment Management Inc. grew its position in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares in the last quarter. Howard Hughes Medical Institute bought a new position in Progressive during the 2nd quarter worth $34,000. Ransom Advisory Ltd acquired a new position in Progressive in the 1st quarter valued at $35,000. Finally, Activest Wealth Management raised its holdings in Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $222.89 on Tuesday. The stock has a 50-day moving average price of $225.45 and a two-hundred day moving average price of $243.86. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99. The company has a market capitalization of $130.71 billion, a PE ratio of 12.23, a P/E/G ratio of 0.99 and a beta of 0.36. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter last year, the business earned $3.58 EPS. Analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Friday, January 2nd. Progressive’s dividend payout ratio is presently 2.19%.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares in the company, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 17,673 shares of company stock valued at $4,163,005 in the last quarter. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on PGR shares. JPMorgan Chase & Co. boosted their price target on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Tuesday, December 2nd. HSBC set a $259.00 price target on Progressive and gave the company an “underperform” rating in a research note on Monday, November 17th. Finally, Bank of America lowered their price target on Progressive from $351.00 to $346.00 and set a “buy” rating for the company in a report on Wednesday, November 19th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average target price of $266.52.

Progressive 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.