Traveka Wealth LLC Takes Position in The Progressive Co. (NYSE:PGR)

Traveka Wealth LLC bought a new stake in The Progressive Co. (NYSE:PGR) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 860 shares of the insurance provider’s stock, valued at approximately $218,000.

A number of other large investors also recently made changes to their positions in the business. Dynamic Advisor Solutions LLC increased its holdings in shares of Progressive by 188.9% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 3,918 shares of the insurance provider’s stock valued at $994,000 after purchasing an additional 2,562 shares during the period. MBM Wealth Consultants LLC increased its holdings in shares of Progressive by 7.1% in the 3rd quarter. MBM Wealth Consultants LLC now owns 5,873 shares of the insurance provider’s stock valued at $1,490,000 after purchasing an additional 390 shares during the period. Chesley Taft & Associates LLC increased its holdings in shares of Progressive by 2.8% in the 3rd quarter. Chesley Taft & Associates LLC now owns 12,735 shares of the insurance provider’s stock valued at $3,232,000 after purchasing an additional 345 shares during the period. Callan Family Office LLC bought a new stake in shares of Progressive in the 3rd quarter valued at approximately $205,000. Finally, Kesler Norman & Wride LLC bought a new stake in shares of Progressive in the 3rd quarter valued at approximately $927,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on PGR. BMO Capital Markets lowered their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods upped their target price on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Evercore ISI upped their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Finally, HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research note on Monday, August 12th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $257.18.

Progressive Trading Up 1.5 %

PGR traded up $3.59 during midday trading on Tuesday, reaching $249.11. 372,120 shares of the company were exchanged, compared to its average volume of 2,493,415. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a one year low of $141.84 and a one year high of $260.46. The stock has a market capitalization of $145.90 billion, a P/E ratio of 25.50, a PEG ratio of 0.71 and a beta of 0.35. The stock’s 50-day simple moving average is $242.33 and its 200 day simple moving average is $221.42.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the firm posted $0.57 earnings per share. Progressive’s revenue was up 21.6% compared to the same quarter last year. As a group, analysts forecast that The Progressive Co. will post 13.01 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Insider Activity at Progressive

In other Progressive news, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now owns 974 shares of the company’s stock, valued at $213,383.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now owns 974 shares of the company’s stock, valued at $213,383.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,512 shares of company stock valued at $33,912,874. 0.34% of the stock is owned by 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.