Traveka Wealth LLC Invests $218,000 in The Progressive Co. (NYSE:PGR)

Traveka Wealth LLC purchased a new position in shares of The Progressive Co. (NYSE:PGR) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 860 shares of the insurance provider’s stock, valued at approximately $218,000.

A number of other institutional investors also recently modified their holdings of PGR. Elo Mutual Pension Insurance Co increased its holdings in Progressive by 4.3% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 51,103 shares of the insurance provider’s stock worth $8,140,000 after purchasing an additional 2,116 shares in the last quarter. State of Tennessee Treasury Department increased its holdings in Progressive by 134.9% in the 4th quarter. State of Tennessee Treasury Department now owns 286,858 shares of the insurance provider’s stock worth $45,691,000 after purchasing an additional 164,764 shares in the last quarter. Advanced Portfolio Management LLC acquired a new position in Progressive in the 4th quarter worth about $431,000. Bridgewater Associates LP increased its holdings in Progressive by 1,043.1% in the 4th quarter. Bridgewater Associates LP now owns 484,227 shares of the insurance provider’s stock worth $77,128,000 after purchasing an additional 441,867 shares in the last quarter. Finally, Hancock Whitney Corp grew its position in shares of Progressive by 1.6% in the 4th quarter. Hancock Whitney Corp now owns 17,131 shares of the insurance provider’s stock valued at $2,729,000 after buying an additional 273 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. The Goldman Sachs Group upped their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Jefferies Financial Group upped their price target on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Morgan Stanley upped their price target on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. Finally, JPMorgan Chase & Co. upped their target price on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average target price of $257.18.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now owns 32,780 shares in the company, valued at $7,015,247.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other 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 value of $466,421.32. Following the sale, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,512 shares of company stock worth $33,912,874. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

NYSE PGR traded up $3.59 during trading hours on Tuesday, reaching $249.11. 372,120 shares of the stock traded hands, compared to its average volume of 2,493,415. The stock has a 50 day simple moving average of $242.33 and a two-hundred day simple moving average of $221.42. The Progressive Co. has a 1 year low of $141.84 and a 1 year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market cap of $145.90 billion, a price-to-earnings ratio of 25.50, a price-to-earnings-growth ratio of 0.71 and a beta of 0.35.

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

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

Progressive Company 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.