Leonteq Securities AG Has $1.48 Million Holdings in The Progressive Corporation $PGR

Leonteq Securities AG raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 48.6% during the 1st quarter, HoldingsChannel reports. The fund owned 7,470 shares of the insurance provider’s stock after purchasing an additional 2,443 shares during the period. Leonteq Securities AG’s holdings in Progressive were worth $1,481,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Bard Associates Inc. acquired a new stake in shares of Progressive during the fourth quarter worth approximately $27,000. Dagco Inc. purchased a new position in Progressive during the fourth quarter valued at approximately $28,000. HHM Wealth Advisors LLC increased its stake in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after buying an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new position in Progressive in the 4th quarter valued at approximately $29,000. Finally, Ameriflex Group Inc. lifted its position in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after buying an additional 65 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,157 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32. Following the transaction, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,230 shares of company stock worth $3,165,817 over the last three months. Corporate insiders own 0.32% of the company’s stock.

Progressive Stock Performance

PGR stock opened at $231.75 on Friday. The firm has a 50 day moving average of $203.97 and a two-hundred day moving average of $206.81. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $261.66. The company has a market capitalization of $135.42 billion, a price-to-earnings ratio of 11.78, a P/E/G ratio of 7.03 and a beta of 0.26. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter last year, the firm earned $4.37 EPS. Progressive’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, equities analysts anticipate that The Progressive Corporation will post 17.12 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Analyst Ratings Changes

Several equities analysts have recently commented on PGR shares. Bank of America lowered their price target on shares of Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a report on Thursday, June 18th. Jefferies Financial Group cut their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Barclays set a $247.00 price objective on Progressive in a research report on Wednesday, March 18th. Evercore restated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Finally, Morgan Stanley dropped their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Six research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $237.37.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.