ORG Wealth Partners LLC Acquires Shares of 489 The Progressive Co. (NYSE:PGR)

ORG Wealth Partners LLC acquired a new stake in The Progressive Co. (NYSE:PGR) during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 489 shares of the insurance provider’s stock, valued at approximately $124,000.

Other large investors also recently modified their holdings of the company. Aviance Capital Partners LLC purchased a new stake in shares of Progressive in the 1st quarter valued at approximately $3,628,000. Concurrent Investment Advisors LLC boosted its holdings in shares of Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after buying an additional 2,719 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after buying an additional 11,770 shares in the last quarter. Banque Cantonale Vaudoise boosted its holdings in shares of Progressive by 90.4% in the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after buying an additional 10,000 shares in the last quarter. Finally, Councilmark Asset Management LLC acquired a new position in shares of Progressive in the 1st quarter valued at $1,890,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR opened at $251.88 on Tuesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a 50-day simple moving average of $246.02 and a 200-day simple moving average of $223.03. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46. The company has a market capitalization of $147.53 billion, a PE ratio of 25.78, a P/E/G ratio of 0.69 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the firm posted $0.57 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. Equities research analysts predict that The Progressive Co. will post 13.07 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 146,512 shares of company stock worth $33,912,874. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PGR shares. Morgan Stanley upped their target price on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, September 16th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research note on Monday, August 12th. Roth Mkm increased their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Evercore ISI increased their price target on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group increased their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $260.53.

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.