The Progressive Corporation $PGR Shares Acquired by Leonteq Securities AG

Leonteq Securities AG increased its position in shares of The Progressive Corporation (NYSE:PGR) by 48.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Progressive by 55.4% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 371,370 shares of the insurance provider’s stock valued at $73,620,000 after purchasing an additional 132,400 shares in the last quarter. Elevation Point Wealth Partners LLC raised its stake in shares of Progressive by 660.7% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 20,150 shares of the insurance provider’s stock worth $3,995,000 after buying an additional 17,501 shares in the last quarter. Platform Technology Partners bought a new stake in shares of Progressive in the 1st quarter worth $207,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Progressive in the first quarter valued at $1,867,000. Finally, Keybank National Association OH lifted its holdings in shares of Progressive by 2.1% in the first quarter. Keybank National Association OH now owns 94,350 shares of the insurance provider’s stock valued at $18,704,000 after buying an additional 1,975 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the sale, the insider owned 27,511 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,230 shares of company stock worth $3,165,817 over the last ninety days. 0.32% of the stock is currently owned by company insiders.

Progressive Stock Down 0.2%

Shares of Progressive stock opened at $231.75 on Friday. The stock’s fifty day moving average is $203.97 and its 200-day moving average is $206.81. The firm has a market capitalization of $135.42 billion, a PE ratio of 11.78, a price-to-earnings-growth 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. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $261.66.

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. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $4.37 EPS. Equities analysts anticipate that The Progressive Corporation will post 17.12 earnings per share for the current year.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

PGR has been the topic of a number of research analyst reports. Barclays set a $247.00 target price on Progressive in a report on Wednesday, March 18th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. Bank of America reduced their price objective on shares of Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research report on Thursday, June 18th. Jefferies Financial Group lowered their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Finally, UBS Group boosted their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a report on Tuesday. Six investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $237.37.

Progressive Company 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.