Leo Wealth LLC Makes New $1.68 Million Investment in The Progressive Corporation $PGR

Leo Wealth LLC purchased a new position in The Progressive Corporation (NYSE:PGR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,084 shares of the insurance provider’s stock, valued at approximately $1,676,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Apollon Wealth Management LLC grew its stake in Progressive by 1.1% in the third quarter. Apollon Wealth Management LLC now owns 19,716 shares of the insurance provider’s stock valued at $4,087,000 after purchasing an additional 207 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in Progressive in the third quarter worth about $390,000. Bernardo Wealth Planning LLC raised its stake in shares of Progressive by 112.7% during the 3rd quarter. Bernardo Wealth Planning LLC now owns 4,478 shares of the insurance provider’s stock worth $928,000 after acquiring an additional 2,373 shares in the last quarter. Signaturefd LLC increased its position in shares of Progressive by 15.4% during the third quarter. Signaturefd LLC now owns 13,560 shares of the insurance provider’s stock worth $2,811,000 after purchasing an additional 1,812 shares in the last quarter. Finally, Sowell Financial Services LLC grew its stake in Progressive by 8.2% during the 3rd quarter. Sowell Financial Services LLC now owns 2,969 shares of the insurance provider’s stock worth $616,000 after buying an additional 226 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PGR. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Thursday, October 15th. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. HSBC reissued a “hold” rating and issued a $216.00 price target (down from $221.00) on shares of Progressive in a report on Wednesday, October 7th. UBS Group reiterated a “neutral” rating and issued a $238.00 target price on shares of Progressive in a research note on Monday, October 19th. Finally, Wells Fargo & Company dropped their price target on shares of Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a research report on Thursday, October 15th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $234.45.

Insiders Place Their Bets

In other news, insider Steven Broz sold 1,225 shares of Progressive stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the sale, the insider owned 28,807 shares in the company, valued at $6,433,179.24. This trade represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of Progressive stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider owned 42,567 shares in the company, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 48,352 shares of company stock worth $10,524,258. Company insiders own 0.32% of the company’s stock.

Progressive Stock Up 0.5%

Shares of PGR opened at $229.24 on Tuesday. The firm has a market cap of $133.27 billion, a P/E ratio of 11.54, a PEG ratio of 2.74 and a beta of 0.25. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38. The stock’s 50 day moving average is $215.98 and its two-hundred day moving average is $208.91. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were given a dividend of $0.10 per share. The ex-dividend date was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.