AlTi Global Inc. Purchases Shares of 25,016 The Progressive Corporation $PGR

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

A number of other institutional investors also recently modified their holdings of PGR. TruNorth Capital Management LLC boosted its stake in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares in the last quarter. Ransom Advisory Ltd bought a new position in shares of Progressive in the first quarter valued at about $35,000. Activest Wealth Management grew its holdings in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares during the last quarter. Accent Capital Management LLC bought a new position in shares of Progressive in the first quarter worth about $39,000. Finally, Richardson Financial Services Inc. lifted its position in shares of Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.9%

PGR opened at $220.52 on Friday. The stock has a fifty day moving average of $241.66 and a 200-day moving average of $256.70. The Progressive Corporation has a fifty-two week low of $217.20 and a fifty-two week high of $292.99. The company 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. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the previous year, the firm posted $3.58 earnings per share. On average, equities 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 was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were 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 was Thursday, October 2nd. Progressive’s dividend payout ratio is presently 2.19%.

Analyst Ratings Changes

Several research firms recently weighed in on PGR. Zacks Research cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. BMO Capital Markets cut their price target on Progressive from $252.00 to $247.00 and set a “market perform” rating on the stock in a research note on Thursday, October 16th. Evercore ISI reduced their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Progressive in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group lowered their price objective on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $270.40.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 16,664 shares of the business’s stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares of the company’s stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Karen Bailo sold 8,922 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,778 shares of company stock valued at $31,683,756 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

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.