AlTi Global Inc. Takes $6.67 Million Position in The Progressive Corporation $PGR

AlTi Global Inc. purchased a new position in shares of The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 25,016 shares of the insurance provider’s stock, valued at approximately $6,673,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Smith Group Asset Management LLC increased its stake in shares of Progressive by 0.8% in the second quarter. Smith Group Asset Management LLC now owns 94,765 shares of the insurance provider’s stock worth $25,289,000 after acquiring an additional 792 shares during the last quarter. FSM Wealth Advisors LLC increased its position in Progressive by 1,614.1% in the 2nd quarter. FSM Wealth Advisors LLC now owns 30,476 shares of the insurance provider’s stock worth $7,727,000 after purchasing an additional 28,698 shares during the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of Progressive by 36.8% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 3,258 shares of the insurance provider’s stock worth $869,000 after purchasing an additional 876 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Progressive by 6.5% during the 2nd quarter. Bleakley Financial Group LLC now owns 14,585 shares of the insurance provider’s stock valued at $3,892,000 after buying an additional 893 shares during the last quarter. Finally, Forum Financial Management LP increased its holdings in Progressive by 12.0% in the second quarter. Forum Financial Management LP now owns 6,020 shares of the insurance provider’s stock worth $1,606,000 after buying an additional 645 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.9%

Shares of PGR opened at $220.52 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The company has a 50-day simple moving average of $241.66 and a 200-day simple moving average of $256.70. The Progressive Corporation has a 52 week low of $217.20 and a 52 week high of $292.99. The firm has a market capitalization of $129.27 billion, a P/E ratio of 12.10, a P/E/G ratio of 1.27 and a beta of 0.32.

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

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is currently 2.19%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,778 shares of company stock valued at $31,683,756. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Progressive in a research report on Wednesday, October 8th. UBS Group decreased their price target on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Barclays reduced their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday. Wells Fargo & Company reduced their price objective on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Finally, Citigroup lowered their target price on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research note on Thursday, October 16th. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and an average target price of $270.40.

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.